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DPM Hyde Reminds the LOO of Belize’s Economy before COVID

Also responding to the Leader of the Opposition was the Deputy Prime Minister, Cordel Hyde. During his presentation, Hyde reminded Opposition Moses Shyne Barrow the economic status that the country was in before the COVID-19 pandemic hit Belize in 2020.
Hon. Cordel Hyde, Deputy Prime Minister: “But the truth is the UDP screwed up this country royally. Weeks after they left office came the IMF to our doors telling us we need to shut it down, that the country is broke, that we needed to fire 3000 public officers and teachers and raise GST to 19%, that our debt-GDP ratio was a whopping 135% – the 6th worst in the league of 200 nations. That we were borrowing a million dollars a day just to pay salaries and we really couldn’t continue borrowing anymore. All this, remember this, 60,000 people at that time were unemployed. 82,000 people were underemployed, poverty at an all time high, growing at 60% and rising. It was the worst of times but it was made all the more painful because it didn’t have to be, not with all the billions the previous administration had at their disposal. 600 million in BNE taxes, 500 million in Petro-Caribe, 1 billion, $1,000,000 in domestic debt, over 2 billion in overall debt, as I said before, 700 million in just the last two years alone, 500 in just the last year alone and what do we have to show? Well you all know what we have to show. While their favourite contractors, Imer Hernandez and the Arguelles boys laugh all the way to the bank. Those two groups, well Imer is one and whoever else is with him and the Arguelles boys, between the two of them, they took home nearly half a billion dollars in contracts, just those two contractors. The folks on the other side dealt with our money like Monopoly money. You guys need some real Old Testament justice, you know? I recount these things, not to be the guy who wants to rehash how terrible your last lover was but to try and put into perspective for our people where we were a year ago, that we met this country in the worst economic condition ever, that these guys left us with a proverbial bucket of slop.”