Prime Minister: “UDP’s debt was deliberate”

By Zoila Palma: During today’s budget presentation at the Sitting of the House of Representatives, Prime Minister John Briceno explained the financial state of affairs of Belize.

“The UDP debt was deliberate to disguise the nation’s state of economy, their shortsighted lack of concern for the next generation pushed us all to national disgrace,” Briceno said.

Briceno said that the amount Government collects fell by 1/3 of what they used to collect.

The Prime Minister began sharing a breakdown of the public debt with $872 million is owed to bilateral lenders, to Venezuela for Petrocaribe and to Taiwan.

“Two-thirds of Belize’s public debt represents external loans that must be repaid in foreign currency. The average interest rate is 4.2%…. History will not be kind to those who maxed out our national credit card,” Briceno said.

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