Belmopan, Belize, 19th March, 2012. Following the appointment of the new Cabinet last week, the Government of Belize has today announced the commencement of a review of its external public sector debt and related liabilities. To conduct the urgent review, Prime Minister Dean Barrow has appointed a Debt Review Team led by former People’s United Party politician Mark Espat. The other members of the team include Minister of Government Godwin Hulse, Financial Secretary Joseph Waight, Central Bank Governor Glenford Ysaguirre, Central Bank Deputy Governor Christine Vellos, and Advisor in the Ministry of Finance Alan Slusher.
A government press release says that the Belize government has retained external advisors to “..support the process of preparing comprehensive fiscal and macro projections, and identifying debt management alternatives.”
The press release quotes Mr. Barrow as saying that “A pre-eminent priority of our recently re-elected Government is to examine thoroughly our country’s debt dynamics, with a resolute view to placing the nation’s medium and long term finances on a sustainable footing. We are keenly conscious of the effects of the great recession, a historic downturn from which Belize has not been insulated. The review of our obligations must therefore take into account the realities of the new regional and global economic landscape, as well as the likelyimpact of the contingent liabilities facing the country.”
Chaired by the Prime Minister, the Debt Review Team held its inaugural meeting on Friday, March 16, 2012. Prime Minister Barrow won a narrow election victory at General Elections on 7 March 2012. His mandate, previously a super majority in the Belize parliament, has been severely eroded to just two seats in an election fraught with alleged irregularities, the results of which are being contested in election petitions filed by the opposition Peoples United Party.









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