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Jul 21, 2015

IMF Releases Statement on Belize’s Economic Outlook

Marvin Mora

Today, when he appeared on Open Your Eyes, Marvin Mora also spoke on the issue of Belize’s spiraling debts. He said that the unions met with the IMF not too long ago and frankly put, the situation doesn’t look good for Belize. He said that Belize needs to manage the situation. But just how bad is it? Here’s how he broke it down.

 

Marvin Mora, President, N.T.U.C.B.

“We understand one thing about it, that it’s not over yet because the loans are ongoing and it is adding to our national and international debt. Every three weeks you get another shipment coming in and when you receive that shipment, it becomes another loan. Millions and millions of dollars to the tune that it has already surpassed, I think three hundred million dollars. Out of that three hundred million dollars, that has been spent, most of it has gone to infrastructure. Nothing is wrong with infrastructure, we applaud the Government’s efforts but you manage your priorities or else you are going to run your house into problems. We had a meeting with the IMF and Central Bank. The IMF explained to us that one of the reasons why Greece is in problems, financially, one of the big reasons, is because Greece owes in a ratio where their GDP is concerned of eighty three percent. Their dollar owes eighty three cents, every time they produce a dollar they owe eighty three cents. So they are in problems. Ninety three cents, make a correction, sorry, ninety three cents. We are at around eighty cents per every dollar and it nuh done deh. That’s not putting in Petro Caribe. That’s not putting in B.E.L. and B.T.L., when you put that in to the mix, it goes way to hundred. So, if Greece is in problems because they are at ninety three percent and we are at eighty and right around the bend we have to deal with those other issues, where do you think we will be? This is not a matter of finance; this is a matter of logic.”

 

The just released IMF report indicates that there have been a three point six percent economic growth in 2014 which is up from one point five percent the previous year.  On the other hand, the Petrocaribe initiative continues to bankroll the existing shortfall and helps in the establishment of international reserves.  Despite revenue collection remaining the same, expenditure continued to well above budget targets, fueled by Petrocaribe finance spending.

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1 Response for “IMF Releases Statement on Belize’s Economic Outlook”

  1. Tumber says:

    Finally. You got it I guess from an entity that you would believe. I just blogged about this three days ago under the caption with the Coast Guard woman where I touched her issue and other financial issues. I’ve also blogged about this several times and stated this plundering and pilfering of PetroCaribe funds will be worst than the Superbond debacle. This will devastate the economy of Belize. After ninety days, sixty percent of what is balanced on that oil shipment has to be paid, and it’s not being done. so, basically almost the entire amount of each shipment has been converted into loans. Loans that we should be paying down before their twenty five year maturity where there’s a great possibility that interest rates will change. Yet Dean has useless Joy Grant in a financial position, useless drunk Yzsaguirre at Central Bank and Eusie. Some of these loans for these countries have already been sold off to Goldman Sachs. The drama is about to unfold.

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