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BZ $467 million in loans approved, $106 million disbursed to date and over $150 million in principal repaid by Briceno administration

Posted: Friday, August 11, 2023. 6:15 pm CST.

By Breaking Belize News Staff: In light of accusations made against the Briceno administration that his government is borrowing too much, Freetown Area Representative and Minister of Education, Francis Fonseca, presented the loan numbers at Friday’s sitting of the House of Representatives.  According to Fonseca Cabinet asked the Ministry of Economic Development (MED) to do an assessment of the amount of moneys borrowed since November 2020 when the PUP was elected to office. 

Excluding the Blue Bonds, which Fonseca claims represented a savings of over $500 million, the report prepared by the Economists at the MED indicated that 13 new loans for a cumulative sum is BZ$467 million were approved since November 2020. However, only 23% or $106 million of this sum has been disbursed in the last 2.5 years. This Fonseca said is “less than $50 million per year” and that the PUP government is borrowing in a “fiscally responsible, targeted manner”.

And despite receiving $106 million, which represents a disbursement of just over $50 million per year, GOB has paid $153 million in principal payments over the last two (2) fiscal years. Fonseca reported that $65 million was paid in 2021/22 and another $88 million was made in principal amortization payments in 2022/23.

Minister Fonseca concluded his presentation advising that we need to be responsible and make sure that we are sharing accurate facts with the Belizean people.

 

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