Senate Debates Budget as Economic Concerns Take Center Stage

The Sitting of the Senate continues at this hour in Belmopan with the legislative body, debating several Bills brought from the House as well as the budget for the current fiscal year.  The meeting got underway at nine o’clock this morning, but the actual debate on the budget did not being until a few minutes before midday.  Opening the debate was the Senator for Government Business, Eamon Courtenay.  He began his 50-minute presentation referring to the debate in the House of Representatives as disappointing on the backdrop of democracy.    Courtenay also made reference to the global trade war with the United States that could affect Belize’s economy.

Eamon Courtenay, Senator, Leader of Government Business: “This  particular budget debate, Madam President, comes within a special context  at a particular time that is important for our democracy.  And, Madam President, we must look at that context because the debate in the other place during the course of this week was in many ways disappointing. Because we live in a democracy and in a democracy, the people speak. This debate in this honorable Senate, as it was in that other place,  is as a result of a historic mandate of the people of this country. And those who do not understand that the people have spoken, those who are not prepared to accept that Plan Belize 2.0, has been endorsed by the people of this country will remain where they are seated on that other side for decades to come.  Foreign direct investment during four years plus that we were in government, $1.12  billion were attracted.  And now the debt to GDP hovers around 61% a historic achievement for modern Belize. Today, historically  unprecedented foreign exchange deposits stand at an unprecedented $2.2 billion.  So when you listen to all the gloom and doom that you will hear in a short while the facts are different. Do not fall for the false narrative. Do not fall for the fake news. Madam President, the most important achievement,  my opinion, during the course of the first term of the Briceño administration  was the reduction, the significant reduction in multidimensional poverty index, which is down to 22.1 % with substantial gains in five out of the six districts of Belize.  That is our record and that is the record that we are proud of, which we have achieved with the support of the Belizean people, public and private sector working together to advance our country. Continued uncertainty in a tariff war can result in decrease in tourists, decrease in trades, decrease in a demand for our exports, decreasing commodity prices which would affect the budget that we have.  And so whilst we express optimism about 2025/2026, we are mindful, we are cautious, and we recognize that there are vulnerabilities. Madam President, the records show that in 2024 the Belizean economy and GDP grew by 8.2%, driven primarily by the services sector and that sector alone had an impressive growth of 10.5%, led largely by a resurgence of tourism.”

Rising to counter Courtenay’s presentation was the Lead Senator for the Opposition, Patrick Faber.  His 37-minute address focused on several aspects including the effects of the global tariff war and the declining grants for Belize.

Patrick Faber, Senator, United Democratic Party: “Later on we will hear about the MCC grant where $250 million, Mr. Trump said nuh uh you can’t get that anymore. And then Belize finds itself in a quandary. And that is only previews of coming attraction. What will Belize do when these things happen? What is the plan? They have no plan. And then he goes further and talks about hurricanes. We are starting the Hurricane season tomorrow. So when these things happen, what’s the plan? I waited. The Prime Minister, Madam President, boasts 8.2% GDP growth and as I said earlier this morning, that’s not really what the GDP…..well it is the GDP growth but it is based on the rebased calculation of GDP. So the prime minister there boasts “It’s not me saying so it’s the IMF says so.” When, in fact, if you had calculated this GDP based on what it was in 2020 you will see that growth was far lower. It would have been something around five percent. Correct me if I’m wrong, Senator Coye, when you get up. And then, for these successive years after I would say 2022 to now you boast about growth. But sir, if you were at the bottom of the barrel after Covid, if you are at the lowest of the low after COVID and I listen as you talk about how bad things were. My goodness, everything was bad during COVID. Of course, the economy was bad after COVID or during COVID. Wasn’t rocket science. So for you to come and talk about how bad things were in 2020, you are no genius. And then for you to proclaim that, wow we really rebounded things. Of course, when you’re at the bottom of the barrel there’s only one way to go. So when you now proclaim, when you now proclaim that there is wonderful, tremendous growth……there’s only one way to go. Things would have eventually rebounded after COVID. So congratulations.”