While the political jostling is in full effect - and while this momentum continues to build until election day - the reality hangover is going to be rough!
That's because of the debt bomb that's about to explode in the face of whichever party wins the election.
Right now government is borrowing on a bi-weekly basis to pay public officers' wages - and it's just not sustainable.
That domestic borrowing to cover the wage bill, along with COVID relief borrowing from International Financial Institutions have led to a ballooning debt to GDP ratio, and it's building up to the mother of all debt bombs. We asked the PM to talk about it one week ago, and he said he hopes for debt forgiveness for his successor:
Rt. Hon. Dean Barrow, Prime Minister
"It is a fact that there is a ballooning debt to GDP ratio it is a fact that we continue to borrow form the central bank to meet our wage bill and our operating expenses. there is some comfort to be had from what seems to be now the revised thinking of the international financial institutions and even the IMF. There seems to be almost a prescription, almost a turnabout with reference to the IMF, a prescription to say that people have no choice but to borrow their way out of the economic disaster that is the consequence of the pandemic."
"They are also suggesting that the international community will have to look at some form of debt forgiveness with respect to bilateral and multilateral debt am not sure how far that will go."
"For countries such as Belize so far it's all talk, it's all rhetoric and no action. I have to hope that indeed there will be substantial debt forgiveness on the part of the IFI's in the not too distant future, so that the new government can begin to see, anticipate some tangible relief. Now what happens with respect to our domestic debt, there's no way there's likely to be any kind of relief any time soon. and on the commercial front, internationally, that Superbond we'll have no choice but to say to the commercial creditors: look, there's going to have to be a serious restructuring of the Superbond."
"It's I'm afraid a poisoned chalice that is going to be handed ot the new Prime Minister but....I continue to think that because the international environment will have to facilitate debt relief."
The Debt to GDP ratio is projected to be about 150% at the end of the fiscal year - more than twice the prudential benchmark.