President Chen's visit comes at a time when his country's long-time ally, the Government of Belize is in an acute financial crisis. Not only is the Musa Administration hemorrhaging locally for the mismanagement of public funds, but internationally, the country's credit credibility is slipping terribly. It's a dread situation, and now more than ever PM Musa needs a bailout. Will President Chen come up with some cash for one of his precious 17 allies in this region? That's what we tried to find out in an interview with him this afternoon.
Jules Vasquez,
Mr. President we know of the existing cooperation programs between your country and Belize in agriculture, in culture, and in foreign affairs. Are there any new programs soon to be activated and what dollar investment is your country prepared to make in an economic assistant program?
President Chen Shui-bian,
[Via Interpreter] “This time during my visit I am going to co-host a groundbreaking ceremony with Prime Minister Musa for the indoor sports center which will provide 5 million loan to Belize. From 2004 to 2008, we would like to conduct a new 5 year cooperative program. It doesn’t matter if it is a donation to Belize or if it is a loan to Belize, I hope this assistance will be used in Belize’s infrastructure and helping to lift the people's living standard. I am pleased to see that in the past the cooperative programs between the two countries have been very successful. On the plane from Panama to your great country I had the opportunity to fly with Prime Minister Musa. Musa was very concerned about the current financial difficulties that Belize is facing. We have reached consensus on the future of our cooperative programs and also on how the Republic of China is going to provide the necessary assistance to your great country of Belize.”
Jules Vasquez,
The cooperation programs, is there a figure for what his government is prepared to invest between 2004 and 2008?
President Chen Shui-bian,
[Via Interpreter] “I think that it doesn’t matter if it is donation from our country or if it's loans from our country. The important thing is that these investments in Belize were effective and really helped to promote the development of Belize. So the help that...the existing foundations of bilateral cooperation will further strengthen and through this new 5 year cooperative program, I hope that it will really help to further promote the economic development of Belize.”
And while President Chen would flatly not disclose how much assistance his government is giving Belize, for the sake of the Musa administration, it better be good and plenty and quick.
While the domestic unrest is one thing, 7NEWS has been reliably informed that internationally, creditors to whom Belize owes hundreds of millions of dollars are getting worried about Belize's ability to repay. One of the most worried is Bears and Stearns which helped Belize float a $125 Million bond just over a year ago. Bears Sterns has deployed a senior team to Belize to investigate. It includes four managing directors and they met this evening at the Central Bank with Financial Secretary Hugh McSweaney and DFC General Manager Troy Gabb.