Posted: Wednesday, January 11, 2017. 10:07 a.m. CST.
By BBN Staff:The People’s United Party (PUP) has issued a release regarding the recent US Supreme Court ruling against the Government of Belize.
“Arising from litigation caused by Barrow’s and this UDP government’s incompetent and delusional decision making, Belizean taxpayers will now be forced to make good on another $117 MILLION in debt, payable in US dollars and payable IMMEDIATELY. A failure to make payment within 60 days could trigger the entire Superbond debt to become payable in full,” the release states
The preliminary announcements came via reports out of the US Supreme Court, referencing arbitration litigation in which the government of Belize was engaged with BCB Holdings and Belize Social Development Limited since 2009. Government, this week, was denied an application for certiorari which was its last resort to stall the enforcement of an arbitration award to both BCB and BSDL, to the tune of $117.2 million, including interest of $29.4 million.
The party believes that the Prime Minister’s arrogance and incompetence have had a deleterious effect on the economy and will negatively impact the development of Belize for generations to come. Currently the country faces economic peril under the weight of unsustainable debt amounting to well over $3 Billion and counting. It is a situation which has created the very sinister and real triple threats of higher taxes, retrenchment and devaluation even though the Prime Minister continues to insist that 2017 will be a ‘turnaround stanza.’
The party also expressed their discontent stating that it condemns the incompetence and mismanagement of Prime Minister Dean Barrow and this UDP Administration which has brought this country to its knees. Barrow’s millions are intact, as are those accrued by his family members, but his wrongheaded decisions and delusional grandstanding have created an untenable situation for this generation and those to come, the PUP said.
“Tell us the real numbers. What new taxes will be introduced? We demand to know how the payment of these judgments will affect our already depleted foreign reserves which are at a critical level. How many jobs will be cut from the public sector? Tell us the truth now. We demand to know what plans, if any, incompetent Mr. Barrow has to get us out of this mess,” the PUP ends by demanding.
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