By Aaron Humes: Deputy Prime Minister Cordel Hyde defended the government’s economic record in the Budget Debate, highlighting that no new taxes have been introduced since 2020.
Hyde reminded that the administration inherited a severe financial crisis, with a debt-to-GDP ratio of 135 percent, sixth worst in the region, and daily borrowing of nearly $1 million for salaries.
Responding to Leader of the Opposition Tracey Taegar-Panton, Hyde acknowledged that “You know [that] in Opposition you get to say all these audacious things, and you have all these fanciful ideas that somehow escape you when you are in the seat of Government. In Opposition you’ll see things ever so clearly, you become clairvoyant; you have all the answers; you become a fountainhead of ideas. But in Government, you can be burdened by the beast of governing – so many priorities, not enough resources; so many issues, not enough time; so many demands and not enough hands.”
Despite international pressure to cut jobs and raise taxes, the government opted for alternative measures, keeping the General Sales Tax (GST) unchanged. Belize has since seen economic recovery, with the debt-to-GDP ratio dropping to 66 percent and over 20 quarters of growth. The government has increased spending on salaries and pensions, providing raises for public officers and teachers. Hyde attributed the progress to the government’s focus on stabilizing the economy, reducing debt, and protecting jobs, rather than burdening citizens with new taxes.
That prices have gone up is not the fault of the Government, he maintains; but its policies, such as free education, National Health Insurance, cement houses and jobs, have helped to ease the burden where possible. “When you offer yourself to people, excuses don’t matter – you can’t make excuses,” he contended, saying that the burden is clear to rich and poor and so the Government has been working – “we stay di try.”
The post Deputy PM Cordel Hyde boasts no new taxes: ‘We have rolled up our sleeves and done the work’ appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Aaron Humes: Deputy Prime Minister Cordel Hyde defended the government’s economic record in the Budget Debate, highlighting that no new taxes have been introduced since 2020. Hyde reminded that the administration inherited a severe financial crisis, with a debt-to-GDP ratio of 135 percent, sixth worst in the region, and daily borrowing of nearly $1
The post Deputy PM Cordel Hyde boasts no new taxes: ‘We have rolled up our sleeves and done the work’ appeared first on Belize News and Opinion on www.breakingbelizenews.com.