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Mar 13, 2013

Barrow says cost of the restructuring astronomical

Dean Barrow

Earlier in the newscast we told you about the Prime Minister’s celebration over the Belize Bond 2038.  But at the press conference, the media raised the matter of the cost of the restructuring, including legal fees, payment to advisors and payments to the renegotiating team. Prime Minister Dean Barrow did not come up with an exact figure, though he did promise to do so shortly, and conceded that it is astronomical.

 

Prime Minister Dean Barrow

“Well we can tell you what the costs are, what the running total is. It’s not completely over until Monday and there are some mop-up costs. Do you have any idea? Or we can get it to you tomorrow. There is nothing to hide. The cost in Belizean terms, astronomical, but when you look at the savings we have realized, it’s a price we had to pay. And there is no question of wanting to hide it, to conceal it at all. I would have remembers the one and half million that we paid to the creditor committee because that was a bone of contention; I had to argue with them when they were telling me about three point five and four million. In terms of our own costs, the FS meets the invoices every month or as they are sent. And so there is a running total that we can give you by tomorrow and I say again, there is no need to hide anything.”

 

Financial Secretary Joseph Waight has promised to release the final costing on the restructuring of the bond Thursday.

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1 Response for “Barrow says cost of the restructuring astronomical”

  1. Storm says:

    We need to see more than just a total, we have a right to see an item by item accounting, who received how much, and for what services. That should not even be an issue when public money is spent, the public has a right to see every cent accounted for.

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