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Mar 13, 2013

Ambassador Mark Espat to deal with government’s debt management

Dean Barrow

At his press conference of the Belize Bond 2038, the PM said the terms of the restructuring of the five hundred and thirty million US dollars bond is cause for celebration and jubilation. But it also calls for glaring scrutiny of the prudent fiscal management in maintaining the sustainability of the national debt. To this end the Prime Minister today revealed that he is appointing a Debt Management Committee and the man who will head the team, is the same man whose star has been shining in this term of the U.D.P. administration for the superbond restructuring. 

 

Prime Minister Dean Barrow

“I’ve spoken to Ambassador Espat about that; he is the logical choice, but there are so many other things that he is engaged in. but he is a protean fellow, he is a man of many parts, so I’m sure he will be able to do that as well as other duties. So we haven’t formalized it as yet, but more likely than not, Ambassador Espat will head that team.”

 

Mark Espat, Head of Debt Restructuring Team

Mark Espat

“I think the government will work better within the coming weeks. The IMF provided Belize with a technical assistance program so that as a continuation to this restructuring, government will be able to put in place a program of reform that improves the management of public debt. The superbond is just a part of government’s debt. There is domestic debt, bilateral debt such as from Venezuela and Taiwan and then there is the debt incurred from the IDB and the CDB and the other international financial institutions. What this reformed program envisions is government improving the manner in which it contracts debt so that it does so in a prudent way, in a sustainable way and it does so at the cheapest rate. So with the support of the IMF and of course the frontline institutions, the Central Bank and the Ministry of Finance, government in the coming months will undertake to implement this program of reform.”

 

Mike Rudon

“Are you interested in taking up the lead of that committee?

 

Mark Espat

“I think the debt committee, the Debt Superbond Renegotiation Committee, has had a year of working together and I think that it is the Prime Minister’s vision that we are able to build on that success, if you will. So we will fine-tune the terms of reference and a decision will be taken in the coming weeks.”

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1 Response for “Ambassador Mark Espat to deal with government’s debt management”

  1. Storm says:

    I just want someone with the wisdom and integrity to say, “NO!” to politicians who want to spend, spend, spend. Our children and grandchildren just cannot afford for us to keep spending their money before they earn it.

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