And in all the House hurly burly, the member for Belize Rural Central, Ralph Fonseca still had time for us. That's right, the member is back in fighting form, and he got feisty with News Director Jules Vasquez. Fonseca bristled when opposition leader Barrow quoted Central Bank figures revealed on 7NEWS which showed that as Minister of Finance he had grossly mis-stated the deficit - calling it at 2.1% of GDP when the Central Bank now shows it at 10.8%, a difference of $160 million. Fonseca said that his numbers were right, but the IMF, those are the guys that had it wrong.
Hon. Ralph Fonseca,
"I would like to clarify his reference to what was carried on Channel Seven by Jules, or our local Goebbels as it relates to pronouncements that I made in this House when I was Minister of Finance. And I know that Mr. Goebbels knows what happens to the man that he promoted with his propaganda and he understands what will happen at the end of the day to his Hitler. There is need for me to clarify it for purposes of the House, not for Goebbels. Goebbels' future has already been determined by the past.
The budget speech was read in January 24th of 2004. The figures that were taken, I am reminded by the Central Bank, obviously were figures from September or October depending on the disclosures that were made in the House. The fiscal deficit that was pronounced at that time was based on those numbers. It was also based on proceeds from privatization, some four point one percent that we always carried above the line in this House.
When the IMF comes in, we fight over it, we eventually lose and they put it below the line. So that in effect adds to your fiscal deficit and I am sure that even Goebbels is aware of that. I understand that he interrogated people at the Central Bank and they gave that information to him.
He also knows that there was a squabble, if you like, between the Ministry of Finance and the IMF as it relates to payments that the GOB had made for DFC, using it for equity in DFC. But because the payments did not pay off complete loans for the DFC, the IMF refused to book it below the line as they normally do but they carried it as an expense for the government of Belize, again increasing the fiscal deficit.
There are no different numbers, they are just being placed differently. Goebbels knows. Goebbels knows what eventually happened to Hitler."
Entertaining, if not altogether convincing, and we repeat our standing invitation to the Minister to defend his position in an interview with Channel 7.
