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Why Hasn’t Petrocaribe Loan Been Scrutinized By Nat’l Assembly Yet?
posted (August 29, 2014)
The Finance and Audit Act of 2005 is designed to regulate public revenue, spending and contracts - and provide parliamentary transparency in all manner of government business.

One of those provision is that any loan which the government makes for more than ten million dollars has to go to the National Assembly for approval.

But, we wondered, what about Petrocaribe initiative? Every month when fuel is shipped from Venezuela to Belize, millions of dollars are added to the fund - as a low interest- long term loan, but it's never gone to the National Assembly. Now, it's not the regular kind of a loan, but the country is indebted and does have to pay it back. So why hasn't it gone to the Parliament for approval? We asked the PM who wasn't quite convinced:..

Jules Vasquez
"At what point do you take it to the National Assembly as is required I believe because its a loan right and the finance act requires that you take loans to the National Assembly."

Prime Minister Dean Barrow
"That's how you see it and that's how will treat it?"

Jules Vasquez
"It's a loan."

Prime Minister Dean Barrow
"I won't argue with you. The question of whether this is something that needs to go to the national Assembly in a particular way is an issue to be looked at. Ultimately I don't think it much matters except perhaps just to ensure that we are in strict and faithful compliance with our regulatory requirements. The thing is that these monies go into the government's account at Central Bank and are spent in a way that is extremely transparent with records to in fact account for every last penny of expenditure. More to the point, the people of this country are seeing the effects of the spending, are feeling the benefits of the tremendous infrastructure drive that is being financed by Petrocaribe. So I think we are all good."

Jules Vasquez
"But again, rules exist for a reason and the Finance and Audit Act..."

Prime Minister Dean Barrow
"Yeah man, but that's a matter of how you interpret the rules. I might interpret them differently, but I am giving you this much. You have raised an issue that I will look at. Perhaps I have simply not paid enough attention to what you would suggest is required in the circumstances to be a scrupulous regard for the letter of the law. I will have a look at it."

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