U.D.P. says oil money should not pay for UHS bailout

The United Democratic Party has weighed in on the issue of government’s possible sale of its ten percent stake in the Spanish Lookout oil field. And while the U.D.P. position is supportive of the Belizean public owning shares, the party is adamant that all proceeds from any sale go into the newly created Petroleum Fund–and not to pay off the government guaranteed debts of Universal Health Services. The press release goes on to state that any sale should be approved by the National Assembly and that any unsold shares be retained by government and not resold to the oil company or anybody else. Despite government denials, suspicions remain strong that Belmopan was seriously considering using the proceeds from any sale to pay off the thirty-three million dollar debt to the Belize Bank that it had somehow decided to guarantee for the private hospital.

Although public opinion seems to be squarely against using oil money for the U.H.S. bailout, the problem of how to pay the debt is not going to disappear. To pay cash would require taking funds out of already budgeted programmes, so G.O.B. is looking for a less painful solution that involves the sale or swapping of government owned assets. And while the critics have quite logically lambasted the Musa administration for its financial irresponsibility, the suggestions on how to solve the problem have been in very short supply.