As most are aware by now, Belize’s external and domestic debts have an all-time high of over three billion dollars. Externally, debts stand at two point three billion dollars, which is approximately seventy percent of Gross Domestic Product. Most of it is owed to international development banks and for the super bonds. While Belize’s Domestic Debt stands at twenty two percent of GDP, or seven hundred and fifty million dollars, of recentl, Barbados had to turn to the I.M.F for assistance in developing an economic reform plan to put the economy on a good footing. Barbados’ international reserve has gone down to two hundred and twenty million dollars after years of difficulties. Barbados is also being faced with unsustainable debts. Yesterday, P.M Barrow was asked if Belizeans should be concerned in light of Barbados’ Economic crisis and Belize’s Debt. Here is how he responded.
Rt. Hon. Dean Barrow, Prime Minister of Belize: We are not nearly at that level where they have to turn to the IMF. We are on a steady as she goes course. There is of course the need for us to keep on an even keel with respect to the debt overhand. We need to bring down the debt to GDP ratio, so that it can be improved from where it is. But we are not in dire straits, we are not undergoing any kind of crisis. So all we need to do is to maintain I repeat a steady as she goes course, and come out of this period of consolidation. And begin to record the kind of growth we would like to see that we achieved in the past and begin to achieve that once again.