The 1 billion dollar budget will begin to roll out on April 1st of this year with revenue and grants amounting to $956 Million. The deficit will be $57 Million or 1.7% of GDP but according to the Prime Minister, a further $70 Million has to be added to the deficit to cover the cost of amortization, bringing the overall financing needs to $127 Million.
The Prime Minisiter also says that for the upcoming financial year, the Ministry of Finance forecasts that the overall public debt will fall to 75.9 percent of GDP. He said that six years ago, the public debt was at 84 percent of GDP.
“On a final public debt related matter, it’s important to reiterate that my administration stands ready to fulfill the offers of compensation, based on the NERA valuations, which have formally been made to the previous owners of BTL and BEL. Government recognizes these liabilities as part of our overall commitment, confident in the validity of our offers for compensation and, ultimately, Government’s ability – through various mechanisms – to satisfy these obligations”.
As it pertains to public debt, the PM says that his administration stands ready to fulfill the offers of compensation to BTL and BEL.
Rt. Hon. Dean Barrow: “In the north, we have spent over $2.7 million on rehabilitation of sugar roads in response to the heavy rains. This was in addition to the $2.4 million that was spent on upgrading feeder roads in several villages and communities. In the west, the work continues at a steady pace on the New Macal River Crossing and on the two connecting boulevards in the Twin Towns of Santa Elena and San Ignacio. Next, we will tackle the Santa Elena drainage project and the concreting of Bishop Martin Boulevard. And in Benque and Belmopan, contracts have been signed and activity commenced on cementing a number of major arteries. In the south, construction of the Southern Highway is nearing completion and the day of travelling the full length of Belize from northern to southern border over a fully paved road of high international standard will soon be a reality”.