Less Borrowing, More Revenue, and Decreased Nation Debt In 2021

John Briceño

PM Briceño also says that the projected performance for fiscal year 2021-2022 is nothing short of spectacular, in terms of the overall budget outlook. Government projects total recurrent revenue of one point two billion dollars. This, says PM Briceño, is nineteen percent higher than the budgeted figure. Additionally, tax revenues reportedly recorded increases. Expenses are projected at one point two-one-seven billion dollars, fourteen million higher than the estimated number. Capital spending is projected at two hundred and forty-three million dollars, for a total primary balance of one hundred and ninety-seven million dollars. PM Briceño also spoke on the matter of public debt.

Prime Minister John Briceño

“In this fiscal year, government expects to retire eighty six point four million dollars in public debt, separate and apart from the right off related to the Super Bond discount buyout. Based on revenue and spending performance, government’s total borrowing for this budget is now projected at a hundred and twelve point one million dollars, which is two hundred and eleven  million dollars less that the three hundred and twenty three point eight million dollars approved by the National Assembly. Turing to the projection and management of the public debt, Madam Speaker, my administration is unmatched. We promised to resolve once and for all the Super Bond quagmire. We delivered it in our first year in office. Since October of last year, when this honorable House endorsed the Blue Bond for Conservation initiative, Belize has been the toast of the sustainable finance universe, herald for the innovation and boldness of a transaction that achieved three simultaneous objectives. First, reduction of our public indebtedness by over half a billion dollars, second a renewed commitment to marine conservation, including protecting thirty percent of our ocean space, and third, establishing the marine conservation trust fund, which will value roughly about two hundred million dollars by 2040. According to the I.M.F.’s most recent assessment, issued on 24 February 2022, Belize’s public debt fell from a hundred and thirty three percent G.D.P. at the close of 2020, to a hundred and eight percent at the close of 2021, down by a massive twenty five percent of G.D.P. I quote, “significant progress to restoring debt sustainability was made in 2021”, end of quote.”