An Economic Shock Unlike No Other

Dean Barrow

In addressing the nation during a televised statement on Thursday evening, Prime Minister Dean Barrow touched on a number of issues as they relate to the coronavirus catastrophe.  Among those concerns is the dire economic and social impact of COVID-19 on the country.  Despite approving a fiscal budget for the financial year 2020, Belize’s economy has experienced a shock unlike any previous natural disaster and revenue in the government coffers is only at a trickle.

Prime Minister Dean Barrow

“I turn now to the socioeconomic aspect of what is proving to be our long nightfall.  Our principal efforts here are twofold: to disburse all needed unemployment relief funds and to roll out an emergency countrywide food assistance program.  We are in the middle of an economic shock the likes of which the modern world, let alone our beloved Belize, has never seen. Business activity has come almost to a halt, people have lost their jobs and livelihood, and revenue sources have dried up. The tax base has utterly eroded and we are terribly short of money. We are without coin of the realm and it is not possible to collect anything but a trickle. Still, Government must operate and the country must be kept going. We have to find salaries, especially for our doctors and nurses, our security forces, immigration and customs officers and all the public servants that keep the Administration operational. We must keep the lights on and the water flowing. We must pay for the PPEs and the testing kits and the Cuban brigade that has left their homeland to assist us.  Above all, we must help our people, we must feed our people.”