By Breaking Belize News Staff: Opposition Leader Tracy Panton is questioning the Government’s decision to seek parliamentary approval for a US$100 million commercial loan from the Export-Import Bank of the Republic of China (Taiwan), arguing that Belizeans deserve greater clarity on how the borrowed funds will be used.
Speaking in the House of Representatives on Friday, Panton pointed to the rising cost of living and increasing household expenses, questioning whether the loan will provide any measurable benefit to Belizeans. She specifically questioned what the first US$40 million drawdown will be used for and whether the funds will go toward current expenditure, including which ministries are expected to benefit.
The loan motion before the House states that the full US$100 million facility is for general financing purposes and will support the Government’s overall annual financing requirements during the five-year cooperation period from 2025 to 2029. The loan provides for US$40 million to be drawn down between the date of the loan agreement and December 31, 2026, followed by US$20 million annually from January 2027 through June 2029, for the remaining US$60 million.
Panton questioned whether the borrowing is being used to close financing gaps or meet immediate government expenditure, and asked what safeguards are in place to ensure the money is used responsibly. She argued that Parliament is being asked to approve a long-term financial commitment without being provided with a sufficiently detailed framework outlining specific investments or measurable outcomes.
Under the terms outlined in the motion, the loan has a 20-year term and a three-year grace period, with repayment beginning 42 months after the first advance through 34 semi-annual principal installments of approximately US$2.94 million each. Interest is tied to the six-month Term SOFR, plus 0.2 percent and an additional 1 percent per annum.
Panton said she would like to support the motion but believes more information is necessary before Parliament commits Belize to the borrowing. The motion requires National Assembly authorization under the Finance and Audit (Reform) Act, 2005, before Government can enter into the loan agreement.
The post Opposition Leader Tracy Panton questions US$100 Million loan from Taiwan; Demands clarity on how Belize will spend the money appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Breaking Belize News Staff: Opposition Leader Tracy Panton is questioning the Government’s decision to seek parliamentary approval for a US$100 million commercial loan from the Export-Import Bank of the Republic of China (Taiwan), arguing that Belizeans deserve greater clarity on how the borrowed funds will be used. Speaking in the House of Representatives on
The post Opposition Leader Tracy Panton questions US$100 Million loan from Taiwan; Demands clarity on how Belize will spend the money appeared first on Belize News and Opinion on www.breakingbelizenews.com.
