House of Representatives Debates Loan Deferrals and Rushes Key Legislative Amendments

Parliamentarians spent over five hours in Belmopan today debating multiple issues in the House of Representatives.  The meeting got off to a late start but by midday, Deputy Prime Minister Cordel Hyde, was introducing several bills which were all rushed through the three required readings.  These bill amendments surround the Fiscal Incentives Act, Stamp Duties Act, the Belize Companies Act, Insolvency and Bankruptcy Bill, 2025, and the National Symbols Bill 2025.  The matter that was deeply debated was the ten loan motions that the Briceno Administration sought to have their payments deferred.  All ten loans were from the Republic of China (Taiwan) which Prime Minister John Briceno presented to the House.  Leader of the Opposition, Moses Shyne Barrow, cited concerns over the deferrals, saying that it is signaling that the country is having a cash flow issue.

Moses “Shyne” Barrow, Leader of the Opposition: “When you have a facility at a bank, you have to pay your facility. No facility is being deferred for three years, Madam Speaker. And why would we need to put ourselves in this position if the economy was performing the way that the Prime Minister claims? So this is proof to the Belizean people that the Briceño administration’s economy is underperforming, Madam Speaker. This government has borrowed over $3 billion, Madam Speaker, with a B. Yes. Yes, Madam Speaker. They have borrowed that quantum, Madam Speaker, and the Belizean people have absolutely nothing to show for it. And this has to be concerning to the Belizean people. I will not preempt the other loan motion that they are going to come with. So you can’t pay the loan motion for ten of them, but now you’re going to come with another one today. What economic school did you go to, Prime Minister, because you say you’re smarter than everybody, and you are sitting there so I have to give you credit that you made it that far but I mean please is it that you know what you’re doing but you’re deliberately mismanaging  the economy, mismanaging the finances that you have why can’t you pay the loan motions, madam speaker. Why is the need for a deferral I don’t want to accuse the Taiwanese of any general elections interference that we’re so close to general elections that you were supposed to call today, or that you may dissolve the parliament on Tuesday. But so close to a general elections, I didn’t hear the government complaining about any cash flow problems. Every minute the government says how well they are doing so I don’t want to accuse the Taiwanese of interference but it’s just very suspicious that on the eve of a general elections we have a deferral of ten loan..”

Prime Minister John Briceno responded to Barrow, indicating that the deferrals have nothing to do with a cash flow issue.  According to the PM, it is merely to ensure that the government is proactive with the projects that are dependent on these loans.

John Briceño, Prime Minister of Belize: “And at no time did I say we have cash flow problems. It is your words, member for Mesopotamia. I think we shouldn’t even call him Leader of the Opposition, member from Mesopotamia because all we’re saying we’re managing our cash flow and our friend when this negotiation started a long time you know ? And they were willing to work with us to say okay then instead of paying the principal then we could use, it is $39.4 million US and the extension period will be from January 1st 2025 to December 31st, 2027. This is $39.4 million dollars US that we could use to continue to invest on the Belizean people. And if you can’t understand that or refuse to understand that or don’t want to support us to continue to help the Belizean people, then you don’t belong on that seat. Mr. Member of Mesopotamia. And maybe the people of Mesopotamia need to do something about that. And they probably will. Madam Speaker, I ask Madam Speaker for the support for these loan motions.”

Also rising to question the motive behind the loan deferrals was the Area Representative for Collet, Patrick Faber.  Faber also coined the motions as suspicious, saying that the government is kicking the can down the road.  He cautioned the government with a reminder, saying that this is how the country had gotten into problems with the Super Bond under the previous PUP administration.

Patrick Faber, Area Representative, Collet: “The timing of these repayment restructuring of loans and the taking on of new loans has to be at very least very suspect. I don’t think it’s a secret now that we are at the end of this current term. I am pretty sure that the Prime Minister is at the very edge of the cliff in terms of announcing the election and so I don’t understand how it is at the very last, what could possibly be the very last meeting you are attempting to borrow in excess of $200 million and in the other instance kicking hundreds of millions of dollars down the road. Something has got to be wrong with that. The prime minister and his government, Madam Speaker, in doing that, exudes very big confidence. It’s almost like he feels it’s a done deal that they have won the upcoming elections. Well you can look at it that way. You can look at it that they are a very nervous government as well as a very nervous party that they feel that they have to rush and make sure that all of this is fixed in their favor or it could be what some have suggested that there is some kind of campaign money involved in all of this that they will use to ensure that they come up for the election, something that they have long put on the record that political parties do. But Madam Speaker, any way you look at it, it is suspect. All that is happening today Madam Speaker, you are seeing, you hear the standing order that asks for all the bills and motions to be passed in this current sitting being read continuously. Why is it that we are rushing to do all of it in this one sitting? What is the mad rush? If you are not trying to do something that is not clandestine, and if you have so much confidence that you are going to come back as the government, then why is it that you don’t wait?”

Aside from the ten loan motions involving Taiwan, there were also six other loan motions. Those include the 58 point two million US dollar loan for the Belize Reliant and Resilient Energy System Project; the 23 point five million US dollars for the Belize Blue Cities and Beyond Project; the 17 point five million US dollars for the Expansion and Rehabilitation of the Philip Goldson Highway; and the six point two million dollars from the Caribbean Development Bank on behalf of the Belize Electricity Limited.