Senator Coye: US $75 Million Taiwan Loan Covers Inherited “Financial Disaster”

Christopher Coye

The Government of Belize is seeking to borrow seventy-five million U.S dollars from the Government of Taiwan, as budget support for the next four years. According to the prime minister’s address in the House of Representatives on Friday, the loan will provide financial support to the Ministry of National Defense and Security, the Ministry of Home Affairs, the Ministry of Health, and the Ministry of Education.  Today, Senator Christopher Coye explained that the majority of disbursements will be made in the first two years.  Senator Coye argued that the loan became a necessity, and was at no time a secret.

Christopher Coye, Government Senator

“This seventy five million dollars loan motion was at no time a secret. Senator Willoughby referred to the Prime Minister’s budget speech. A part of that budget speech the comments by the Prime Minister included the reference to a hundred and fifty million dollars loan from Taiwan that is because the budget itself has a primary surplus but an overall deficit. What that means is you have make loan payments over and above interest. You have to pay for principal. While we look forward, we are affected by what has been done in the past. As far as the past is concerned, in a matter of twelve years the debt went from two billion to four billion that is loans. So, it is surprising but good that there is this conversation about loans and debts. But the fact of the matter is, we had runaway debts when this government came into office. With that four billion dollars, the budget itself was put under pressure and the bilateral cooperation with Taiwan, the discussions and ultimately the agreement meant we had to look at solutions that included debt. So, this is not anything new. This is from early last year. Under that agreement a seventy five million dollars loan was agreed to cover the financial disaster that was this government when this administration took officer.”