Government defends borrowing $24 million for health and urban development, cites long term development

Posted: Sunday, July 28, 2024. 10:35 pm CST.

By Jose Luis Cruz: At the Senate meeting held last week, Senators for the government side defended the borrowing of $24 million for health and urban development, clarifying that the borrowing is for the long term investments needed by these two (2) sectors.

Minister of State in the Ministry of Finance, Chris Coye, responded to Senator Peyrefitte’s criticisms that the government is on a borrowing spree and keeps “borrowing and borrowing and borrowing”. Senator Coye explained that initially Government had to address “immediate challenges, but over the past couple years we’ve been able to look more medium term and long term”.

“How do we address the challenges that we as a country face. We as a society face. Health, education, crime all of these are topical issues that we either have been discussing or will discuss today. These are areas that you don’t wake one morning and say we’re going to do this and we’re going to do that, you have to understand why we have these challenges and how we are going to address these challenges,” Coye said.

In his presentation, Coye stressed the importance of data-driven decision-making and collaboration with international organizations like the IDB to tackle complex issues such as non-communicable diseases and urban infrastructure needs.

He emphasized that the loans are not “free money” but rather strategic investments in Belize’s future. Coye highlighted the need to address the root causes of the country’s challenges and expressed confidence that the $24 million in borrowed funds will be used effectively to improve the lives of Belizeans.

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