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May 20, 2020

How Would Patrick Faber Solve Economic Situation in Belize?

Patrick Faber

Still on the economic downturn…last week, Prime Minister Dean Barrow famously said that he intends to borrow and borrow to keep public officers employed.  But the PM also warned that the next leader of the country would have to address the issue of the massive wage bill, as high as forty-five million dollars monthly, and is likely to have to go hat in hand to the International Monetary Fund and International Financial Institutions for bail outs.  Now, as we know, the IMF prescriptions at times of economic depression have been for pension reform, cutting down of the wage bill and retrenchment in the public sector. The prime minister said he has resolved not to let go even one solitary public officer, but his successor will have to deal with it. Leadership aspirant, Patrick Faber says retrenchment is a last resort even as tough times are ahead.


Patrick Faber, Minister of Education

“I side perfectly with the prime minister in that regard that we want to do anything like that absolutely as a last resort. I think history has taught us as a country, but more specifically as a party in government that retrenchment is never an ideal thing. There is no secret, as you’ve mentioned, the prime minister has also hinted to it that it is going to be a tough road forward. But it is all the more reason why you need good sound leadership at the helm of the ship. You need somebody who understands that it is not going to be easy, there are certain things that you can’t whitewash and you can’t pretend. It is going to be a tough time moving forward and whether it is, whichever party that is in power, a leader who does not embraces that and understands that that is the case, and does his best to ensure that people understand that right away. We don’t want to scare people, I don’t want people to go away after listening to the news this evening feeling that well if Faber comes it is all pain and doom. But we are experiencing tough times, not of our own making, and the measures that will be needed to fix things might not be as pleasant. Where it is that we can give a spoonful of sugar, then okay, but by and large it is going to be a tough road. But it is a challenge that I am prepared to take.”

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