Michael Young Says Accessing Petrocaribe Funds is Most Important

Michael Young

Despite the discussion and subsequent criticisms that have arisen out of the passage of the Petrocaribe Law, Young says the most important thing is to continue retrieving the funds.

Michael Young, Legal Adviser, U.D.P.

“The most important thing is to access these funds and to use it for the public good. We have an arrangement that is concessionary; we have good interest rates and let us access these funds. Naturally, there are concerns about the debt; though that it is an economic issue, but certainly we are of the view that we need to spend and spend properly and spend constructively in order to have economic growth for the benefit of the Belizean people.”

Reporter

“Wasn’t the finance and audit act already accounting for…”

Michael Young

“Which finance and audit act you talking about because there are several….it goes way back to 1972.”

Reporter

“The most recent amended one…the 2005 one that speaks about anything in excess of ten million dollars be reported to the National Assembly.”

Michael Young

“Yes, it did that. And so the particular act is intended to remove any question about that requirement.”