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Apr 30, 2013

BIL! The P.M. claims it’s not a hustle

Dean Barrow

And while news of the National Bank of Belize Limited was met with cheers, the P.M.’s special vehicle, Belize Infrastructure Limited, not so affectionately known as BIL, hasn’t met such a warm reception. It’s been called a vehicle created for the purpose of hustling, and everybody from the Chamber to the unions have raised eyebrows and raised serious queries. The Prime Minister scoffed at the suggestion of any hustling or corruption in any undertaking of which he is a part. Barrow called on both the Chamber of Commerce and the N.T.U.C.B. to jump on board the special vehicle. Here’s BIL, in a nutshell.

 

Prime Minister Dean Barrow

“BIL, then is this oversight body that will engage the architectural services, the contractors, the supervisory services, from the private sector to execute the projects. As I said we will put everything out to tender and will be subject to all existing government procurement and financial rules and regulations, including subject to audit and to the Contractor-General’s review. Where will the money come from? Some from Petrocaribe! President Maduro was not in Haiti but his Vice President was, and I had a chance to exchange some remarks with him and it is certainly my sense that Petrocaribe will continue in the immediate future in one form or the other. And I think the Venezuelans like what we are doing with the bank, and I believe will also like what we’re doing with BIL. So some of the money will come from Petrocaribe, and we will borrow from the domestic market some of the money. It’s a shame if we can’t take advantage of these rates like two point five percent and that sort of thing. If we issue Treasury Notes we can actually issue it at a slighter better rate of return than the banks are giving to people like S.S.B. and so we think not only can we put money in circulation but we can do so in a way that will see us service these loans easily and not start going down that bad debt path, that bad debt trajectory. The first project is going to be the reconstruction of the Belize City Center.”

 

According to the PM they are waiting for the representatives from the N.T.U.C.B. and the Chamber so they can field applications for C.E.O., Project Officer and other front-line staff at BIL.

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2 Responses for “BIL! The P.M. claims it’s not a hustle”

  1. Rod says:

    Thief thief thief judas continues with the total destruction of Belize guan judas guan

  2. Storm says:

    GOB’s understanding of finance is generally based on the “smoke and mirrors” school of economics. all borrowing and no productivity. We’ve already borrowed our children into lifelong servitude.

    MUST PM Barrow insist on playing with more future workers by issuing yet more debt [bonds are merely IOUs] so he can embark on more wasteful and/or useless projects? He has lined the pockets of the members of his gang at the expense of the next generation, and maybe the generation beyond that. [I know, PUP is equally guilty -- but they are not the ones trying to perpetuate the slavery this year.]

    ENOUGH IS ENOUGH! NO MORE BORROWING, NOT A DOLLAR! It hasn’t worked to lift Belize out of poverty over the last 20 years, in fact it has only mired us more hopelessly under a mountain of debt that is like a cancer, eating away the standard of living of ALL working Belizeans indefinitely into the future, until the existing debt is paid off. Why erode it more?

    I say we should have a constitutional amendment that MANDATES a truly balanced budget every year, except in time of actual war. I would borrow from our children to preserve the nation’s existence, but nothing else.

    Do you agree or disagree?

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