Previous Thread
Next Thread
Print Thread
PM Briceño and the Need for Supplementary Appropriations #547444
01/12/21 06:02 AM
01/12/21 06:02 AM
Joined: Oct 1999
Posts: 77,176
oregon, spr
Marty Offline OP

.
Marty  Offline OP

The Supplementary Appropriations Bill will tide the Briceño administration over until the start of the next financial year on April first after it goes before the upper house on Wednesday in a special sitting of the senate. The three-month period is an entire quarter that government would need to be financed. The dire strait it finds itself in is in part the result of the COVID-19 pandemic. News Five s Isani Cayetano reports .

Isani Cayetano, Reporting

The introduction and pending passage of the Supplementary Appropriations Bill will allow the Briceño administration to draw down on additional public funds to keep government afloat until the March thirty-first, the end of the 2020 financial calendar.  As the prime minister has made abundantly clear, the economy remains in a precarious state and righting the ship, as it navigates turbulent fiscal waters, requires a further injection of monies.

Prime Minister John Briceno

“The Belizean people have heard me repeatedly pronounce, since our election two months ago, that the public finances bequeathed us by the U.D.P. is nothing short of a national disaster.  This declaration that our predecessors skippered the ship of state upon the jagged rocks of insolvency is neither political posturing nor exaggeration.  Virtual bankruptcy, no less, is what thirteen years and three U.D.P. terms have spawned.  The last administration left the government on course to borrow.  Remember when he boasted, member for Cayo South, that he wahn borrow til ih cyant borrow noh moh.  By our estimate we’re five hundred and ten million dollars this year.  That’s what the Barrow administration borrowed in the last year, five hundred and ten million dollars.”

Most of those funds were set aside for expenses related to the COVID-19 pandemic, but the crippling effect of constant borrowing has indeed left the economy teetering on the brink of ruin.

Prime Minister John Briceno

“This amount is almost three hundred million dollars more than the amount of borrowing listed in the budget that was authorized by the last parliament for fiscal year 2020/21.  That is why I have to say all of this thing, Mr. Leader of the Opposition.  Five hundred and ten million dollars of loans, half of a billion dollars of borrowing in a single financial year, one year.”

To put that into perspective is to essentially contextualize the need for additional monies, via the General Revenue Supplementary Appropriation Bill, to hold government over until it is able to present a new budget for the upcoming financial year.  Prime Minister Briceño breaks it down into layman’s terms.

Prime Minister John Briceno

“The five hundred and ten million is more than half of what government will collect in total revenues and grants for this year.  Dehn wahn borrow more than half of what dehn seh dehn mi wahn collect.  In other words, this is the equivalent of a Belizean family earning five hundred dollars a week… but still have to borrow two hundred and fifty dollars on Friday to make ends meet.  How can that level of borrowing be repaid?”

Of equal concern is how the additional expenditure will be covered since it also only adds to the growing debt that the country is incurring. Reporting for News Five, I am Isani Cayetano.

PM Briceño Says Cut the Superbond

While Prime Minister John Briceño and his government table bills to alleviate the financial constraints, he has the hefty superbond payments hovering above his head.  Early in the pandemic, then Prime Minister Dean Barrow decided that it would be better to ask bondholders for a deferral on the bond payment. Bondholders agreed to defer the payment of the interest. When he was Leader of the Opposition, John Briceño said that the Barrow Administration was simply kicking the pan down the road.  So what’s his solution now, as leader of the nation?  Briceño says that the superbond must be renegotiated, and the discussion must include a cut.

Prime Minister John Briceño

“And I’ve said I when I was in opposition that when we look at the structuring of the superbond or the renegotiation of the superbond we are looking for a haircut. We don’t want any deferring of payments or so forth because it just continues to cost the Belizean people more. So we are going to tell them we are going to get a cut that is the only way we are going to settle this once and for all.”

Channel 5


Re: PM Briceño and the Need for Supplementary Appropriations [Re: Marty] #547505
01/14/21 05:55 AM
01/14/21 05:55 AM
Joined: Oct 1999
Posts: 77,176
oregon, spr
Marty Offline OP

.
Marty  Offline OP

Senate Spars Over Supplementary Appropriation Bill

The Senate had its first sitting for the new year today in Belmopan. As the government, the People’s United Party now has control of the Senate with six members mainly debating opposition senators, led by Michael Peyrefitte as Lead Opposition Senator.  Unlike Friday’s House session, today’s Senate Sitting was shorter, but the debate was robust between the two parties and the four social partners.  The General Revenue Supplementary Appropriation Bill number five for 2021 was heavily debated.  The bill was brought from the House of Representatives and sought the Senate’s approval for the spending of millions of dollars.  But the Opposition was greatly against the bill, and as Peyrefitte complained, with no details on how and what exactly the monies were being spent on and if the purpose was legitimate.

Michael Peyrefitte, Lead Opposition Senator

“When I look at this bill, I am extremely shocked to see that the government is doing exactly what they crucified us for when we were in government and what several members who were nongovernmental used to cry about when we get these appropriation bills. Now, two things, two questions I have. It was like how I contacted Public Service Commission. I contacted the Ministry of Finance and the Ministry of Finance has told me that some of the estimates that are in this supplemental bill have already been used and spent by virtue of special warrants which is in the previous government we accepted as a legal form of expenditure. But this concept was railed against by the PUP when they were in opposition, that you cannot spend and then come to the National Assembly to as the National Assembly to certify that spending. So if it is true that some of the money they are asking us to vote now has already been spent. We want them in the spirit of let me look at their motion, recitals number nine to insist in good and transparent governance. In the spirit of transparency, give to us and the nation how much you have spent so far since November eleventh and on what because we here monies being spent with ministers with transition teams, to transition into government, what has the money been spent on. If you had attached to his bill detailed explanations as to why you need this money, on legitimate things that it would be spent on for legitimate purposes then we would have to support it because we were just there and we understand but you used to criticize us for that, come back with the same thing with no details and expect us to just support it. That we cannot do Madam President.”

Senator Courtenay Defends Supplementary Budget

Responding to Peyrefitte was Senator for Government Business, Eamon Courtenay.  After P.U.P. Senator Christopher Coye explained the expenditures, Courtenay stressed that the Briceño government did not breach the constitution and reminded Peyrefitte that it was the former Chief Justice who ruled that former PM Dean Barrow acted in contravention of the Belize Constitution.

Eamon Courtenay, Senator for Government Business 

“The fact of the matter is Madam President that this government proudly stands here and says that we have faithfully complied with the constitutional provisions section one hundred and fourteen, section one hundred and fifteen and section five of the Finance and Audit Reform Act. We are not like the previous administration. The former Chief Justice of this country held in the Supreme Court that over a billion dollars was spent without parliamentary approval which is in violation of the Finance and Audit Reform Act and the constitution. Section one hundred and fourteen three of the constitution provides that no money should be withdrawn from the consolidated revenue fund without parliamentary approval. However section one hundred and fifteen three recognizes that there are circumstances where expenditures will have to be made prior to approval.”

Channel 5



Links
Portofino Resort- Now with a new BEACH BAR!!
Click for excellent scuba lessons with Elbert Greer!
Chaa Creek is an award-winning luxury Belize Resort, rated as one of the worlds best Eco Lodges. We are a pioneer in adventure travel to Belize since 1981!
Maruba Beach Klub and Spa is the premiere Secret Beach spa and restaurant located on the crystal blue waters of the Caribbean Sea at the center of Secret Beach, Belize
First Class Accommodations for the Budget Traveler
First Class Accommodations for the Budget Traveler

Things to do

News
Daily News
Daily Weather

Classified Ads
BelizeNews.com
San Pedro Sun
Ambergris Today
SP Town Council
Channel 7
Channel 5
Amandala
ReefTV
Love FM
The Reporter
PLUS TV
TV Newscasts
Radio Stations

Click for our
Search thousands of Belizean-only websites
To Get Your Questions Answered

Event Guides
Event Calendar
Specials & Events
Things to Do
SanPedroScoop
San Pedro Fun Finder
Cayo Event Calendar

Blogs
San Pedro Scoop!
Tia Chocolate
Tacogirl
My Beautiful Belize
I-Travel Belize
Belize Adventure
Belize Hub
Romantic Travel
Belize Happy Adventures
Conch Creative
Caribbean Culture & Lifestyle
More Blogs...
Search thousands of Belizean-only websites
White Sands Dive Shop - 5 Star PADI Dive Facility - Daily diving, SCUBA instruction and Snorkeling
Caribbean Inspired All Natural Condiments & Spice Blends, Over 100 are Gluten Free!
We manage a variety of homes, apartments, condos and commercial properties here on Ambergris Caye. Our minimum lease on ALL properties is six months.
Click for Ian Anderson's Caves Branch, Welcome to a World of Adventure
Lil Alphonse has snorkel equipment to fit anyone as well as Marine Park Tickets and flotation devices to assist those not as experienced.
Coastal Xpress offers a daily scheduled ferry run to most resorts, restaurants and private piers on the island of Anbergris Caye. We also offer  private and charter water taxi service.
December
S M T W T F S
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31
Cayo Espanto
Click for Cayo Espanto, and have your own private island
More Links
Click for exciting and adventurous tours of Belize with Katie Valk!
ShoutChat Box
Who's Online Now
0 registered members (), 106 guests, and 0 spiders.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums44
Topics75,884
Posts492,155
Members20,012
Most Online7,413
Nov 7th, 2021



AmbergrisCaye.com CayeCaulker.org HELP! Visitor Center Goods & Services San Pedro Town
BelizeSearch.com Message Board Lodging Diving Fishing Things to Do History
BelizeNews.com Maps Phonebook Belize Business Directory
BelizeCards.com Picture of the Day

The opinions and views expressed on this board are the subjective opinions of Ambergris Caye Message Board members
and not of the Ambergris Caye Message Board its affiliates, or its employees.

Powered by UBB.threads™ PHP Forum Software 7.7.1