Nigel Avilez in a past report on the Development Issues internet archives of Belize, explained how any PUP economics through further foreign borrowing loans, will create a short term expansionist bubble, that will leave the country off worse than before.
In the first year in office, the PUP have increased the national foreign debt by 34%. There has indeed been a surge in the economy, but at what price for the future?
The debt at the beginning of the PUP term ( and these figures come from the port town media quotes of various politicians) was $650 million when the UDP left office, so said the PUP. By mid year, the PUP had borrowed an additional $150 million. Boosting the national foreign debt to $800 million. There was an announcement in the Reporter that $50 million of principal had been paid off. I can only presume that all the interest is being met with payments regularly. In the last quarter of 1999, a further totalling of additional foreign loans in the Reporter come to around $220 million more in additional foreign debt for Belize. The grand total of the Foreign National Debt of Belize now is "almost" a billion dollars, at around $970 million at the beginning of November, 1999. If there are no further borrowings in the next two months, this will be fine; but if expected further loans come approved, the PUP will have pushed the National Foreign Debt of Belize over a $1 BILLION in just their first year in office. They have four more years to go. Woe to Belize!
I leave it to others to debate the merits of "leadership" by using a credit card. I leave it to others to debate whether the PUP have the qualities to "manage" the country of Belize, when they cannot do it on internal revenue.
The accuracy of the figures may be in question as this only comes from articles in the newspaper THE REPORTER from the port town. The national debt may be less, or greater than a BILLION DOLLARS. This we don't know for sure in our closed political ruling system. Whether the short term PUP economic boom bubble is a good thing, or a bad thing, I leave it to you to decide. It is you that will have to pay the debt from increased taxes and more stringent collections. Is governing by increasing foreign debt a practical way of governing?