Belize - Belize News - - Great Belize Productions - Belize Breaking News
Home » Economy, Featured, People & Places » Chamber of Commerce meets with Bond Team
Aug 16, 2012

Chamber of Commerce meets with Bond Team

The Belize Chamber of Commerce and Industry, following a meeting with Ambassador of Economic Affairs Mark Espat, has issued a release in support of renegotiating the Superbond.  While the default on the coupon and the Standard and Poor’s downgrade were being announced, Espat, in his capacity as government’s lead negotiator, met with the private sector on Wednesday to discuss a renewal of the terms of agreement of the existing debt.  In its statement, the Chamber expresses concerns about Belize’s economic viability in light of the burdensome conditions of repayment.  It is also suggested that the Superbond be refinanced for long term sustainability in an effort to ensure the country’s economic growth.  The Chamber also calls upon government to curtail its expenditure and use any reprieve that it may achieve through a renegotiated bond to initiate programs that would spur economic growth and investment to prevent such recurrences.

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

6 Responses for “Chamber of Commerce meets with Bond Team”

  1. Ricky Malthus says:

    Ms Chamber of Commerce, Belizeans don’t want new programs to alleviate anything, they want to solve both the existing external and internal debt problem and eliminate governmental incompetence and corruption. this corruption is the root of all our financial and political woes which lead into all other social woes.

  2. Seletar says:

    Who did Espat meet with? I’m a member of the Chamber, and he didn’t talk with me. Whoever gave him support didn’t ask me about it. I do NOT support an unnecessary default.

    Quite the opposite. I think we should show that we are doing everything within the nation’s ability to pay the interest coupon, and then get international experts to help us negotiate lower interest for the future. If we do not pay the coupon, we will have no credibility, and no good faith to obtain better terms.

    Instead of supporting the default, I personally feel Belizeans should assemble to protest at the Parliament when it meets, without regard to political party — it’s a national problem, not a party problem. People who cannot make it to Belmopan should assemble in front of their mayor’s offices or some other local public building, and be counted as opposing the suicidal default.

    Our Belizean dollars are not backed by anything ut the perceived good faith and honor of the government, and default will show that our government lacks good faith and honor.

  3. Storm says:

    Instead of supporting Barrow and Espat in their insane scheme to default, apparently as a misguided negotiating tactic, I think Belizeans should assemble wherever they live to show their strong opposition, without regard for political party. We need demonstrators in the streets to remind the fools who they work for. Concerned civic leaders should support demonstrations, and so should student leaders. Maybe we need a nationwide general strike to prove the people oppose the PM on this. POWER TO THE PEOPLE.

  4. unknown says:

    we the belizeans talk too Fing much.. and do nothing.

  5. it's just that simple says:

    >>Our Belizean dollars are not backed by anything

    and that is why they are piling up at the central bank and other banks in the country, little value outside the country.

  6. Louis says:

    Seletar and Storm, you are both absolutely right. However, it appears that Espat met with Kay Menzies.

    I don’t care about the financing of the GOB. I care about the financing of the private sector, which is going to get shut out of international capital markets if Barrow doesn’t pay by September 19th, 2012, the last day of the grace period.

    To make matters worse, it has been reported that Barrow has the money to pay, he just doesn’t want to.

Leave a Reply