7 News Belize

Opposition Objects To IDB Loans
posted (February 10, 2023)
The Senate met today in Belmopan to consider the approval of a number of loan motions. Three of them, presented as a bundle, are loans from the IDB. Totaling 66 million dollars, the loans are for Trade and Investment Facilitation, Digital Innovation to Boost Economic Development, and a Program for Sustainable and Inclusive Belize.

All these seek to enhance the climate for ease of doing business and assisting the productive sector. And while its is borrowing at concessionary rates, it does add to the overall debt stock which is what made Senator Mike Peyrefitte see red - prompting Senator Courtenay to ask the Senator for the churches to pray for him:

Michael Peyrefitte, Opposition Senator
"We are here today to borrow 66 million dollars. We are here today to ask the Senate to vote to ratify the borrowing of 33 million US dollars and we are barely into February. This is coming from a government whose current leader and Prime Minister said when he was in opposition, we need to stop borrowing and we need to stop raising taxes and borrowing and need to grow the economy. And, the first item on this Senate for debate for this year is to borrow sixty-six million dollars."

Christopher Coye, PUP Senator
"The statistics reflects that debt has gone down, has not gone up, has gone down significantly and the reflection of that reduction in debt is what the international community speaks to and appreciates through the debt to GDP ratio and that debt to GDP ratio went from a peak of 133% at the end of 2020 to 68% as at the end of December 2022."

Kevin Herrera, Business Senator
"If we look at all these 3 motions, all of them are addressing critical challenges that we face, whether we are talking about automation is government, automation in the private sector, digitization in the private sector, climate resilient farming, agriculture - they're all extremely important for us to face the future. For us to better compete as the private sector and so certainly from where I sit or stand at this time I am certainly very happy to support these 3 motions."

"This one on climate resilient farming is extremely important and I'll give you 2 examples: in the banana industry right now, my understanding is that their production is down to about 25% of what it used to be and that is all brought about by the challenges that people in the farming community are facing, because of what we called climate change and I think those challenges will only increase as we are going along. So I think that it's extremely important that we have this type of intervention in terms of trying to assist these persons on the front line who are struggling with these challenges every day."

Eamon Courtenay, Leader of Gov't Business, Senate
"I am publicly appealing to the good Senator Smith to organize some remedial reading and understanding. Organize some lessons. In the public interest don't charge as a charitable act. If you can't read and understand, ask for help. I am offering help. I will organize with the good Senator to help Senator Peyrefitte. But I have to rely on Senator Benguche as well. Anybody who opposes a loan that will provide direct support to farmers, agricultural groups and MSME's for sustainable and inclusive development in the area of environmentally sustainable and climate resilient farming systems and sustainable and inclusive agro-food markets - anybody who oppose that need prayers, they need divine intervention."

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