Government of Belize Issues Statement on Current Cash Flow Position

On Friday, various media houses reported on a leaked text message sent by Financial Secretary Joe Waight to CEO’s of Government Ministries. The message reads, and we quote, “We are being overwhelmed with requests for reallocation and de-reservations of “savings” identified in various accounts. These are illusions as the reality is that there is no money in the bank. As it is we will likely have to issue more T -Notes to meet the early end of year payday next month. Our debt is already at 100% of GDP and rising. If we continue on this path we will certainly crash. I am appealing to all to instruct your finance officers to just stop trolling through their books to find unspent funds. The money is simply not there.’  On Sunday, the Ministry of Finance issued a press release in which it says it wishes to clarify emphatically that the Government of Belize’s annual budget is achieving its goals, and that it is meeting  all obligations in a timely manner, including payroll. The release says, and we quote, “It has come to the attention of the Ministry of Finance that certain statements made by the Financial Secretary in an internal document sent to accounting officers are being interpreted to suggest that the Government is broke and may have to resort to borrowing to meet the end of March payroll. The statement made by the Financial Secretary was the standard financial year-end instructions given to Accounting Officers so as to restrain overspending and encourage senior public officers to remain diligent in the pursuit of budgetary objectives’. Today, Opposition Leader John Briceno commented on this matter.

Opposition Leader John Briceno

A leaked member of the financial secretary to the CEO’s alerting to stop trolling the budget because while the budget might be simply on paper the Government has no money and pointed out in that memo that they will have to make salaries early next month because it’s come to the of the financial year and that may require issuing more treasury bills and just as alarming in that memo is that he have form what we have been suspecting all along that now the Belize Debt to the GDP depite the fact that the Government to grant fan fair we negotiated the super bond and said we don’t we are now on solid grounds and we are moving ahead now to the issue of the debt

According to GOB, all the details of the Government’s budgetary performance for this fiscal year (FY) and its targets for FY 2018/19 will be shared when the Hon. Prime Minister, and Minister of Finance, makes his Annual Budget Speech on March 9, 2018.

About the Author