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Nov 21, 2012

P.M. says Belize disgusted; IDB President’s crass act of cowardice

Luis Alberto Moreno

There is a major fallout with the Inter-American Development Bank (IDB) and this morning, Prime Minister Dean Barrow threw the IDB President Luis Alberto Moreno under the bus even though they have had a cozy relationship over the years. For background, in August, the PM said he was leaning on the IDB to obtain financing in the form of Policy Based Loans (PBL) and had taken to the House a number of legislative issues to secure the PBL as part of the restructuring of the US five hundred and forty-four million dollar superbond. But that’s not going to happen so the PM’s temperature shot up this morning. Firstly, he disclosed that the US Treasury had blocked the loan request and because Moreno had not taken it to the Board, that constituted a “crass act of cowardice.”

 

Prime Minister Dean Barrow

“The IDB, certainly at the level of the staff, was extremely helpful, extremely supportive and at the level of the executive director on the board into whose constituency Belize falls, a lady from Costa Rica called Carmen Maria Madris.  I had met with [IDB President Luis Alberto] Moreno and I understood from then that he was not as committed as his staffers seemed to be but I thought that we had been able to persuade him.  Ultimately it was that the U.S. Treasury indicated clearly to Moreno and directly that it would not support the IDB agreeing to the guarantee.  It then became a matter of our saying to Moreno, “we’ll take it to the board nonetheless.”  I didn’t understand the IDB to be a branch of the U.S Treasury.  Moreno, for his own reasons, ultimately did not do that.  He called me to say that because of the U.S. Treasury opposition it was off.  So that’s where things stood.”

 

Jules Vasquez, 7 News

“How would you characterize the conservative decision that he made?”

 

Prime Minister Dean Barrow

Dean Barrow

“Well I told him that I thought it amounted to a failure of nerve on his part.  I was very, very clear.  I said that Belize is not disappointed with the decision, it is disgusted and that the responsibility was his and his alone.  I was sure to tell him that his position was in stark contrast to the tremendous amount of work that his staff had done, the tremendous amount of goodwill that we had generated at the level of the staff and at the level of, certainly, the borrowing member countries of the IDB board.  So, he made the ultimate decision and he must bear the ultimate brunt of Belize’s ire.  I don’t know that that will put us anywhere but it’s good to have these things on record and I sure as hell placed it on record.”

 

Jules Vasquez

“On this show, just now you said it was a “crass act of cowardice.”

 

Prime Minister Dean Barrow

“I wouldn’t resile from that at all.  I’m sure that if I did not tell him, if I did not employ that precise terminology when I spoke to him it was something very close.  So I’m not saying anything behind his back, I’ve said this to him directly on the phone.”

 

For perspective, the largest of forty eight shareholders, the US has a thirty percent share in the IDB. The last time the US blocked a request was in the case of Argentina. At the time the US said that, “Given Argentina’s attitude contrary to honor debts with creditors and to work with international institutions”, United States will vote against extending World Bank and Inter American Development Bank credits to that country.”

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15 Responses for “P.M. says Belize disgusted; IDB President’s crass act of cowardice”

  1. beachman says:

    PM throw a fit cuz he no get wah way! Belize is a bad credit risk – we take out long term loans to buy gas from Venezuala. 30 years after the gas is used up we still got da loan to pay!

  2. ang says:

    Its time to do things ole school like in the farms when there were ni cell cablw n internet lol that will keep us productive according to other countries although we r betta educated than the citizen of those other countries.

  3. Rod says:

    Don’t you get it judas barrow no one I mean no one will give a totally inept and corrupt gov. More money so that they can steal more only the Belize people stupid enough to let you stay in power to continue robbing the poor people of this country my hope is one day soon the belizeans will finally open their eyes and see that you and your corrupt gov. Is leading them to total destruction you are a total failure at your job you really got tuff head .

  4. Bzn says:

    America is doing what it usually does and worring about itself and nobody else!

    They worry about their interest alone and forget the rest!

    Do you think they are so worried about Belize that they gave boats trucks and weapons to the police and BDF?
    The only reason why they do that is because it is affecting them!

    America is a bunch of crackheads and drug addicts!

  5. Tongue Lasher says:

    Him a cry like wah baby..him a cry like wah baby..

  6. Observer says:

    typical cruffy, lose the game then blame the referee.
    Cray Glue” All glitter and no substance”

  7. Hatari says:

    When you borrow money you are expected to pay it back as agreed and on time. What part of this doesn’t GOB understand? Now they are crying because the IDB won’t cut them any more slack. Belize is a bad risk. This “gimme ah dalla” mentality just won’t cut it any more. Pay up or shut up! If you don’t pay your morgage, the bank takes your house. I wonder if the IDB can reposses the entire country. Come to think about it, that might not be a bad idea. They would then have to hire a professional management company to run the show. That would be better than than the what we have now.

  8. Uncle Benji says:

    Dean Barrow, you have a bombastic attitude,which does not help Belize. Belizeans under this PM mandate, we are living regressively.

    Belize and Belizeans were better of in the 60s 70s 80s 90s than we are in the new millenium under Barrow’s agapeness.

    Belizeans our leaders need more humility. Our gansta, pot smoking, South Central Los Angeles attitude is not going to help make new friends on the international scene.

    Inside scoop tells me that Barrow tends to read Channel 5 blog postings, hopefully he reads this one.

  9. Bill says:

    It is expected that the world would shut us down, we are too much of a liability. There is no real direct investment or economic growth, high crime with little counteractive and productive results. We are slowly going down the tubes very quickly. Instead of being modest to our problems and trying to get the best terms, our PM decides he can open his big mouth as if he is in court defending his government rather than conceding to our financial problems and try to work things out.
    Furthermore, PM and his cabinet does not care about unemployement, they prefer to keep the people illiterate and poor so they can manipulate and hold the country captive with its crumbs of bread he gives to the poor.
    Crime has never been this high until this government came into power. It appears that this government shields its criminals and maintain their needs as they use these same criminals as their body guards and shields.
    On a last note, rumors has it that the PM son Kimano is involved in the oil exploration in Southern Belize…and they have struck black gold… So there you motive as to why he must protect his interest in oil exploration on sea or land…there you go Mayas communities… blood is thicker than anything in the world..

  10. it's just that simple says:

    The Turks have a homely proverb applied on such occasions: they say “the fish stinks first at the head”

  11. Kiwi says:

    I agree with most of the above, but also understand that we all have our strengths and limitations. PM Barrow doesn’t have to be the guru at dealing with debt, but he needs to get expert help if he is not making progress on the Superbonds. Running the country is never easy, but the people of Belize voted UDP in to run the country to find people with the right skills to Govern the country to make Belize a good place to live and something worthwhile for future generations to prosper.

  12. TheEye says:

    Is that right did the debt ceiling collapsed on the prime minister CABEZA

  13. enuf says:

    sometime i wonder if belizeans are just quick to judge and no taught set of people. we need to take the time to analyze thing holistically, rather than looking at the mere forthcoming aspects. isn’t it true that we were a far better country year 1997 than what we are now. yes but why? the shit hit the fan from 1998 to 2007. there you go, in order for one to recognize our true selves we need to know where we are coming from. all the divide and rule, color, creed and all the other insignificant craps are not to be place in precidence considering our state at this moment. we are paying this super bond because the previous administration failed us. and there is no other way around to explain our difficulties. if you decide to say any other reason you are playing colors. and perhaps racism. because if we go back in history. what did the founder of the P.U.P. did should be the ultimate lesson for all Belizeans to be aware of future attractions. To remind you briefly rod, uncle benji and ahm beachman and all the rest of you narrow minded insulent individuals; in the era of his so faultless excellence George Price, he hid belizean in a dark closet. he never allowed Uwi to based their operations in belize. he never wanted all the other avenues of educations to be accessible to belize. why though. invertly!!!!! he was a damn dictator!!!!! to not be educated as a society means distruction!!!! hence we still have young and old belizeans that depend on ministers for everything, while it is quite clear that without the sweat of thy brow a man should not eat, or if i may add; anything a man does not work for will not lost so he will be back on his knees over and over like a dog. excuse my tone but some belizeans are not aware! only now they want to rise up and say this and that but to think of what one idividual above that our country should be runned by foriegners is an insult to all belizeans including himself. but then again he must be only a pup and not a belizean because that was what the great leader wanted to do from the start didnt he? sell our souls to Guate…… sad but we need to raise above this… belizeans need to open their minds… they need to be positive and not negative… and they need to empower themselves so that as a united force we overcome such overt situation… and for future start of such, we dismantel the distroyers…. as it stand no one should be even thinking about allowing the PUP back in power for as long as they are still around..ty

  14. Bear says:

    Lots of good comments here.

    Can it be any surprise that our PM seems to have a “credibility gap” with our creditors? He seems to say what is expedient at the moment he says it, even if it is not true.

    For example, before our default he told the nation [and the creditors] that the payment was in the budget.

    We we missed the payment, he said “budgeted” didn’t mean there was any money for it. What then does “budgeted” mean in the PM’s fantasy world?

    Then, during the grace period, our Auditor General reports that the nation’s financial books are beyond a mess, they are missing data, the public money cannot be tracked to say where it went or on whose authority. NOBODY IS GUARDING OUR PIGGY BANK. Governments have fallen for less incompetence than that.

    People are correct to say that GOB should have retained the most experienced consultants in the world, not just within Belize, to try to fix our mess. If it’s not fixed, the next 2 generations of Belizeans will be condemned to virtual slavery, and have no access to credit at all. We are already called a “failed state” under this GOB, and we will become an ec0onomic pariah state, too.

    With all this impressive record of success, now our PM has brilliantly figured out that the way out of our abyss is to bite the hands that feed us. I predict when our situation slips a bit more, and PM leaves office one way or another, he will go abroad to live with the fortune that somehow stuck to him as a “public servant.” And ordinary Belizeans will be left to live in the ruins he left behind.

  15. northernconcern says:

    But how can creditors sympathize with a borrower that blatantly stolen two companies and have not paid a penny???????

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