The management of public finances, it used to be something government technicians, with more than a little urging from government bosses, did while sequestered in Ministry of Finance backrooms, but since Belize's debt explosion and accompanying fiscal management crisis, debt management is a public issue, and so it should be. At least that's what the Minister of National Development Mark Espat, who is also managing the debt re-profiling had to say this morning at a regional meeting on public sector financial management. He said regular citizens have a vested interest in the management of public finances and that must be respected.
Hon. Mark Espat, Minister of National Development
"It has always seemed to me that the broad objective where we should all find common ground, public servant and politician, should be to place at the core of our approach to financial management, our shareholders, the citizens of our countries, they are the shareholders, each one with a rightful steak in the results of our financial management. There can be secret from our shareholders. They have a right to know how their monies are being managed. Every red penny of their money.
The exchange rate, as far as I know, between the private sector dollar and the public sector dollar is one to one. Belize passed a Finance and Audit Reform Act in 2005, 24 years after independence, outlining more clearly how public resources should be managed. But there are no criminal penalties for violations. There should be and there should be in all countries. People go to jail for stealing a bicycle or a necklace but public funds, there we go, that exchange rate again."
Espat applauded the Finance and Audit Reform Act as one of government's key accomplishments in public finance transparency.
