At the top of the newscast, you heard the Prime Minister speak about his wife's serious heart condition and her ongoing battle with stage 3 breast cancer.
But, while tending to that dire medical situation had him abroad for the past 10 days, there are also pressing domestic matters. First, he told us today that he plans to present the long - delayed budget on June 22nd. The second is the restructuring of Belize's debt. As has been widely discussed, the government, led by Ambassador for Economic Affairs Mark Espat, has been working on Superbond 2.0.
But, it's kind of like selling kitchen knives to Samurai swordsmen, so the process is progressing, delicately, we gather. And so how does another downgrade for Belize's bonds - which came earlier this week from Moody's investor service - affect things? The PM told us today that it actually helps:..
Jose Sanchez, Channel 5 News
"The recent Moody's downgrade. Does that play any role what so ever?"
Hon. Dean Barrow, Prime Minister
"Well, it's helpful. If fact indicates why there is a downgrade and the reason is precisely because we have made clear that the bond needs to be restructured - that we cannot pay at the current rate. So that's actually an assist to our cause preparing the bond holders for what lies ahead which at bottom is a requirement that there be some form of debt relief. I can't get any more into the details."
"The IDB was here last week and I had a report from team leader Espat that those conversations went well. Its important to get the IDB and the IMF onboard so that the figures that we put out to the bond holders can be certified as being real and legitimate."
"In the case of the IDB we are also asking them to partially guarantee the restructured bonds and those conversations went as I understand went well, very well in deed."
And while that is moving along well enough - a large part of the entire debt scenario now includes what are called the contingent liabilities: the monies owing to the former majority shareholders in BEL and BECOL.
Those companies were nationalized and now, government must pay compensation. There is an agreement to enter talks with Fortis, but with the former owner of BTL - which is the Ashcroft Alliance, things are not so straightforward.
The matter is tied up in litigation, which has pushed the PM and Ashcroft to the bargaining table to discuss a settlement. Today the PM gave the distinct impression that it was not going swimmingly:...
Hon. Dean Barrow, Prime Minister
"In terms of Michael Ashcroft, I have had been engage with correspondence with him to see if we can arrive at a suitable framework that might sustain negotiations. Up to this point in time that's not yet happened and I don't think people should - the fact that I spoke at the Belize Bank 25th Anniversary occasion should not be misunderstood. I think we need to compartmentalize; the Belize Bank and in fact the banking sector and what the Central Bank is trying to do by way of regulation to ensure stability is one thing. The question of Telemedia and the need to pay compensation is quite another."
"I am trying to find a framework that would allow ourselves and Michael Ashcroft to talk without conceding certain core principles that I am committed to and that I have in fact indicated to the Belizean people are non-negotiable."
Jules Vasquez
"I would imagine that includes the Accommodation Agreement?"
Hon. Dean Barrow, Prime Minister
"Indeed, I have made clear from the start that I would not voluntarily honor the Accommodation Agreement or any accommodation agreement claim."
The PM says they have not agreed on a basis to move forward.
