Belize’s reputation in light of its bad payment history since 2008 is also cause for concern, says Minister Coye. The country’s debt profile paints a bad picture considering the existing debt of over a billion dollars.

Christopher Coye, Minister of State, Finance

“Looking at the debt profile of Belize, it’s certainly not commendable to see that we had a billion dollars in Super Bond debts back in 2008 and we have over a billion dollars in Super Bond debt in 2021. All that sounds to me is that we’ve been paying interest for the last twelve or thirteen years, interest that we don’t get back. That’s gone. So, and we still owe, in fact, one point one billion dollars because we capitalized the interest last year. We owe one point one billion dollars now. That doesn’t sound like a good debt management policy that’s been effected over the past decade, whatsoever. Is it that we want to continue that policy and continue owing a billion dollars and just keep paying interest? I would think not. Personally, I would say that that doesn’t make any sense whatsoever.”

Channel 5