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Jun 6, 2017

Briceño Warns ‘Sticker Shock’ Coming for Belize’s Economy

John Briceño

There is also the question of economic shock caused by the B.T.L. payments. The Government recently re-negotiated the Superbond, but has accumulated close to a hundred million dollars in debt from unpaid arbitration awards to several companies, which it is refusing to pay. The national reserves are hovering above danger point as the country waits and hopes for economic recovery after a recession for much of 2016. The question is, how much danger will the second payment cause? Opposition Leader John Briceño tells us more.


John Briceño, P.U.P. Leader

“This is a crisis that a lot of Belizeans have not realized that is coming upon us. Up to last year before the first payment, the Prime Minister was boasting that they had over four hundred million in reserves; but now here today, we are paying out – by the time we make this last payment, we are going to be paying about two hundred and seventy-five million dollars, that will leave us with under two hundred million dollars U.S. Our productive sector has not been exporting as much as they did; and we have not reached the peak for the need of U.S. dollars which is going to be happening around August, September, October, as merchants start to ramp up their orders for the Christmas season, so it can cause a serious problem for us. We will see that there is going to be a serious shortage of U.S. dollars and that can well lead to a devaluation if we continue with the foolish decisions that the U.D.P. Government has been making. And we need to hold the Prime Minister and the U.D.P. responsible for this.”

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