Debt grows as corruption spreads in Belize

debt

To Belize’s financial burdens, Hurricane Earl added $100+ million of costs in damages to the agricultural sector alone.

PRAYER ALERT on debt. Corruption has spread in Belize in ever widening circles. The recent audit of 2011-2013 alone made this abundantly clear. So much corruption has repelled investors whom we have sought to alleviate Belize’s staggering debt. The huge PetroCaribe loans at 2% interest are drying up, now that Venezuelan economy is collapsing. Now Belize must pay its debt to this piper to the tune of $325 million plus interest. Belize may also have to pay about $100 million in pending litigation in the US. In addition, Belize is also said to owe roughly half a billion dollars to the former owners of Belize Telemedia, which Belize nationalized in 2009.

Belizeans are now paying more money to borrow and buy now that foreign banks are severing corresponding relationships with Belizean banks. And Belize still has a billion+ dollar Superbond debt to repay in installments that are escalating. Our annual budget is only about one billion. Oil demand and supply is down, resulting in the estimated loss of $50 million in revenue per year. In early August Hurricane Earl dealt us another blow, costing $100+ million in the agricultural sector alone. The extended forecast for Belize is gloomy. Prime Minister Dean Barrow has already admitted that Belize is in recession. How can we stop our own financial collapse?

The IMF is prescribing austerity. Specifically that Belize must hike taxes and cut wages & benefits. Yet PM Barrow has promised the unions not to raise taxes before the next budget year. And the union workers are hitting the streets and airwaves with strike-backed demands for long-delayed wage and benefit increases, not cuts. The pie is getting smaller now that ministers have taken so many pieces. And the mouths of the multitude are getting hungrier and louder.

PRAY WITH US. Father God, You are our ultimate Provider. You open Your hand and satisfy the desire of every living thing. But too many in Belize are stealing from the public instead. They are rewarding evildoers and repelling the just. They are leaving a paper trail of lies. But Your Holy Spirit searches and knows all things. Warn the culprits to repent and set things right. For the Judge is at the door. It is to Him that we must all give account. Appoint investigators with no strings attached to hinder them. Lead them to track down the truth of these matters. Let justice be done to the unrepentant, so that others will see and fear.

Use UNCAC to establish paths of righteousness for Your name’s sake. Set a course of accountability that none can escape. Stop corruption and human trafficking in their tracks. Set down those who refuse to change. Raise up those who are good and faithful with public funds. Lead them to hidden treasures and resources to replenish Belize’s accounts. Do miracles to help us pay just wages and benefits and debt. Show us that all good things come from You, and evil prevails only when we resist Your authority over the earth. For Yours is the kingdom and the power and the glory forever. In Jesus’ name, amen.

Read more…

DailyInsight. The more complicated a business, the more the “experts” can hide corruption behind the complications (see 2 Pet. 2:19).

BPN articles related to debt.

Related sources on debt.

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