Debt-for-nature swap nets Belize US $8.5
million

Both the I.M.F. and the Opposition UDP have
complained about the rapid increase in the
government's foreign debt. Today, however, comes
news of a welcome reduction in the amount we owe
abroad. As part of its efforts to encourage world-wide
conservation, the United States government has
agreed to cancel approximately half of Belize's
outstanding debt to Uncle Sam, amounting to eight
point five million U.S. dollars. In return Belize has
agreed to invest over fourteen million Belize dollars
plus interest over the next twenty-six years in a fund
to endow Belizean environmental groups. The fund's
resources will be used to conserve or restore tropical
forests and will be channelled through the Belize
Audubon Society, Programme for Belize, the PACT
foundation and the Toledo Institute for Development
and Environment, as well as the U.S. NGO, the Nature
Conservancy. The debt-for-nature swap was made
possible by the U.S. Tropical Conservation Act of 1998.
Signing on behalf of the U.S. government at
ceremonies in Washington was Treasury
Undersecretary, Paul Taylor, while Ambassador Lisa
Shoman did the honours for Belize.

Great news Jesse, now if we can just get them to forgive the other 8.5 million maybe we can get some interest in saving the reef.

Hi Jesse: What is the situation up in the Pine Ridge Forest. Last time there, I saw it was slowly turning to toast. Has there been any hope for restoring this beautiful forest? Take care: Bill