Coye Lays Out Central Bank Facts on Borrowing

Christopher Coye

Senator for the Government, Christopher Coye, addressed recent criticisms about governments’ borrowing habits. It’s been a recurring theme in the national assembly, public debt, and loan motions. Opposition parties usually criticize the government of the day for raising the country’s debt. In today’s Senate meeting, Senator Coye sought to defend his government’s performance where domestic and external obligations are concerned.

Christopher Coye, Government Senator

“In February 2008 our total domestic debt was three hundred and fifty million dollars. By 2015 it had increased to four hundred and seventy-five million dollars. Between 2015 and 2020 it increased to one point three billion dollars. In that one term in office it increased by eight hundred and twenty five million dollars. Over the entirety from 2008 to 2020 domestic debt increased from three hundred and fifty million to one point three billion dollars an increase of nine hundred and fifty million or one billion in debt. Since change of government, the change in domestic debt, the total domestic debt has been a total of fifteen million dollars. The debt has gone from one point three billion to one point three one five billion, fifteen million in over two years and three months. I don’t see how that is excessive borrowing, fifteen million in over two years, fifteen million in domestic debt.”

According to Senator Coye, Belize’s external debt ballooned from one point five billion dollars in 2008 to almost three billion dollars in 2020. He added that from 2020 to date, the external debt has reduced to two point seven billion dollars.