Foreign Minister Says It Was Worth It
The additional expense, as we’ve mentioned, will be placed squarely on the backs of taxpayers. According to Minister of Foreign Affairs, Wilfred Elrington, it was necessary to restructure the Super Bond in order to save the country from what would have otherwise been a sinking ship.
“While that achievement is being lauded, there are also concerns as to what cost does that come to the Belizean taxpayer, in terms of the cost of doing business for instance; the legal fees, consultancy and what-have-you. Can you speak to that as a member of government?”
Wilfred Elrington, Minister of Foreign Affairs
“Yes. I am very saddened that the government and the poor people have been saddled with such a great debt to deal with the rescheduling of the Super Bond but we had no alternative. This was a situation that the People’s United Party put the country in. The entire country was going to sink if we did not solve it and to solve it we had to spend, but it is much better to spend, and spend successfully than for us to have been able to default and not have the resources to pay for the debt. So I am very, very happy that we did have the resources to pay for the legal and technical experts to be able to salvage the situation, very, very happy about that. I can’t complain about it at all. What I can complain about is the reckless behavior on the part of the previous administration which put us in this problem. That should never be the case, but that happens in third world countries like ours. We are always afflicted with corruption and irresponsible leadership and that kind of thing… Really and truly, what the problem we now find ourselves in was created in the period of 1998 up to 2008. That’s the time when we really found ourselves in this very terrible situation.”