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Dec 27, 2012

BCCI tells Government to keep debt sustainable

Alberto Young

Young also spoke on the benefits of the debt relief to Belize’s business sector and he says the current goal should be to ensure that the country does not fall back into unmanageable debt.

 

Alberto Young

“Well, first of all, from a risk stand point, it places Belize at a lower risk. First of all, having your country be significantly in debt and having to be paying out the sums of cash outflows that it would have to be paying out if it did not renegotiate, would put Belize under some pressure, we believe. And of course for companies, investors looking out both internally and externally, it just creates a bit more concern for the Belizean economy. I know a few companies have been concerned about how will it affect the domestic economy and what will happen in the future and I think it provides a little bit of relief from that end that we are able to renegotiate and that it is actually a way of mitigating some of the major risks that may have come about if we did not renegotiate.  I think from the time we got an opportunity to meet with the team, our president has been in contact with the prime minister and continues to be in contact with who we need to be in contact with to make sure that we’re doing things the right way and wherever the Chamber of Commerce and the Private Sector can assist, we will do so. At the end of the day, it’s our country so any relief that comes about will help all of us. What we must do is to ensure that we never get back into this situation and that we continue to manage our finances as best as possible. I think it just doesn’t go for the public sector, but it also goes for the private sector and people out there. These are tough times and we have to do what is best to ensure financial security.”

 

The specifics of the restructured superbond have not yet been made public since a term sheet must first be prepared, vetted and signed, making the arrangement official. According to the Prime Minister, the new terms are expected to be launched in mid January.

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2 Responses for “BCCI tells Government to keep debt sustainable”

  1. Ricky Malthus says:

    Belizeans must be made to understand that nothing in their oppressed lives will change as the $150 million savings is only on paper, an accounting measure. The poor will continue to bear the insults of excessive taxation as business will pass on taxes to them. Prices for all commodities will remain excessively high and this include gasoline prices. If I am wrong, will one of the geniuses in the Chamber, GOB, UB, Galen University, or anywhere else , please explain any tangible results. Please show TANGIBLE results!!!!! Will personal and business taxes be reduced? Will GST,Customs duties be reduced? Will all the license fees be reduced? Will wages in public and private sectors be increased ? Will employment be reduced from its current 33% to 6%? Some one said this $ 150 million is not new money. Well, it is NO MONEY!!!! Why do you allow this blackguard of a fellow called Barrow hoodwink you? This $150 million is a write down of future earned interest which means that some over the years until 2029, there will be a proration of payments to reflect this amount. But Belizeans lives will unchanged and businesses will continue to close down as the cost of doing business will worsen and Barrow will continue to exceed his authority by continuing to confiscate Social Security money to fund his personal purse, his nationalization programs, and give-aways to his family and political cronies. Happy New Year.

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