But while the coming end of the Superbond continues to receive accolades, especially due to the conservation elements of the Blue Bonds that will replace it, there is one voice of sober reflection on what the country's true debt position currently is.
That warning comes from Joseph Waight, the Financial Secretary, and yesterday, the press asked him to comment on the "supermajority consent" which Belize's bondholders have given the Government to proceed. This will account for some major cash flow relief on debt servicing. But, Waight, who's like the Ebeneezer Scrooge of sovereign debt, said that citizens should make no mistake; the nation's debt is still alarmingly high, and there is still a lot of work left to reach prudent sustainability. Here are those comments:
Joseph Waight - Financial Secretary
"I don't see any immediate cash flow relief. What I'm seeing is a reduction in the overall debt. It's almost as if we were saved from - we were falling off the cliff, and we just grabbed and were put right back on the edge again. It's not that we have new money to spend. All these restrictions, all these financial strictures have to remain for a while because we have to climb ourselves out of this, and hopefully, with effort on everybody's part, we come into a better position, with the view to give back and restore some of the benefits that were taken away. That's the primary purpose."
Reporter
"How much more do we have to climb?"
Joseph Waight
"We have quite a way yet to go because, the debt is a number, but also, we need to have the surpluses in our day-to-day operations to pay for some of these things, pay for maintenance, and to pay for things that have been deferred."
Reporter
"So, then, the public servants could expect to see that 10% reduction taken back?"
Joseph Waight
"It's a temporary thing, and the hope is that we can get back and restore it as quickly as possible. But, it requires more than simply debt management. It requires effort on everybody's part. And I want to thank the public servants who understand and sacrificed, and we promise that it won't be forever noh."
