Chamber of Commerce meets with Bond Team
The Belize Chamber of Commerce and Industry, following a meeting with Ambassador of Economic Affairs Mark Espat, has issued a release in support of renegotiating the Superbond. While the default on the coupon and the Standard and Poor’s downgrade were being announced, Espat, in his capacity as government’s lead negotiator, met with the private sector on Wednesday to discuss a renewal of the terms of agreement of the existing debt. In its statement, the Chamber expresses concerns about Belize’s economic viability in light of the burdensome conditions of repayment. It is also suggested that the Superbond be refinanced for long term sustainability in an effort to ensure the country’s economic growth. The Chamber also calls upon government to curtail its expenditure and use any reprieve that it may achieve through a renegotiated bond to initiate programs that would spur economic growth and investment to prevent such recurrences.