During our coverage from yesterday, the head table took on questions about the penalties if Belize fails to honor its conservation commitments.
You'll remember a little over a week ago when Senator Eamon Courtenay called out the Barrow administration for presiding over an increase in the country's indebtedness. That's despite the fact that 730 million dollars in public funds were used to make payments connected to the Superbond.
For context, we contrast those comments with the answers given at yesterday's press conference on the Superbond's replacement:
Hon. Senator Eamon Courtenay - Leader of Government Business
"When the man with the double-sided machete was elected to office, the Superbond stood at 526 million dollars, United States currency."
"Now, I would assume, that after paying three-quarter billion dollars that the thing would be lesser. Do you know when they left office what the Superbond was? 552.9 million dollars, United States currency. It went from 526 to 552.9 million, after they spent 730 million Belizean dollars in interest."
Reporter
"What guarantees that a situation like that won't happen this time around with this Blue Bond?"
Hon. Chris Coye - Minister Of State, Ministry of Finance
"Well, this time around, we have an actual plan to pay it off."
Reporter
"That would have been my follow-up question, just termed differently. You brought up the reference to the term, 'serial defaulter'. What's there to say that we will be able to find that 20 million dollars annually to actually pay back this loan so that we don't end up with the same label as 'serial defaulters'."
Hon. Chris Coye
"Right, but we paid 730 million dollars over the 11 years of the past administration, while at the same time increasing that same Superbond's principal balance."
Reporter
"So, you're confident we'll be able to meet those deadlines and those targets annually."
Hon. Chris Coye
"Yes."
Reporter
"Do you think that this opportunity presents itself where perhaps Belize's image as a serial defaulter can change?"
Hon. Chris Coye
"I would hope so, and I think that the fact that we have reached this transaction on the terms we have reached it, with the support of TNC and Credit Suisse, is indicative of that."
To reiterate, the Blue Bond has allowed the restructuring of 553 million US dollars of the country's debt, which used to be packaged together as the Superbond. The Briceno Administration asserts that this will lead to an overall debt reduction of 250 million dollars, more than US$200 million in debt service savings, and an estimated $180 million US dollars in funding for conservation over the next 20 years.
