By Breaking Belize News Staff: Prime Minister John Briceño has rejected criticisms from Opposition Leader Tracy Panton and Mesopotamia Area Representative Lee Mark Chang concerning Belize’s mounting public debt, arguing that his administration has been responsibly managing the country’s finances while investing in essential national infrastructure and strategic assets.
Briceño responded during Thursday’s House sitting following a lengthy debate over the proposed US$30 million loan from the OPEC Fund for International Development to upgrade the George Price Highway between Hattieville and La Democracia.
Panton had argued that Belize’s public debt increased from approximately BZ$4.155 billion in November 2020 to BZ$4.668 billion by March 2026, questioning the government’s claims about reducing the national debt burden.
She maintained that the reduction in the debt-to-GDP ratio does not necessarily mean the country owes less money.
The Prime Minister disputed her interpretation, saying the opposition was presenting selected figures without accounting for debt restructuring, repayments and acquisitions made by the government.
Briceño acknowledged that the nominal debt figures had increased but argued that part of the apparent increase was associated with the restructuring of Belize’s former Superbond into the Blue Bond arrangement.
He maintained that the government had been paying down existing loans while undertaking new borrowing for infrastructure and other investments.
The Prime Minister also pointed to government acquisitions involving Belize’s electricity sector and the Port of Belize as investments that had placed valuable national assets under Belizean ownership.
He referenced approximately BZ$260 million associated with the acquisition of the former Fortis hydroelectric operations and another BZ$168 million relating to the Port of Belize.
Briceño argued that these investments must be considered when examining the country’s borrowing and overall financial position.
He also highlighted the reduction in Belize’s debt-to-GDP ratio, which he said had fallen from approximately 134% under the previous administration to around 64%.
The Prime Minister maintained that Belize’s economy had expanded significantly since 2020, improving the country’s ability to manage its financial obligations.
He further cited increases in per capita income and compared Belize’s debt-to-GDP ratio with those of several developed economies.
Briceño accused opposition parliamentarians of attempting to create unnecessary concern about the country’s financial position by presenting debt figures without the broader economic context.
He also defended the Ministry of Infrastructure Development and Housing’s handling of the George Price Highway project, praising Minister Julius Espat for providing a detailed explanation of its engineering requirements and financing arrangements.
The Prime Minister argued that government borrowing must be assessed alongside the infrastructure improvements and national assets being financed.
Panton and Chang had earlier questioned whether additional loans were affordable, particularly as Belizeans face rising living costs and the government prepares to reduce expenditure.
Both opposition representatives called for greater disclosure of project costs, financing terms and repayment commitments.
Briceño maintained that his administration continues to meet its debt obligations while pursuing investments intended to strengthen the economy and improve public services.
The Prime Minister’s claims about the composition of the national debt and the effect of restructuring were presented as part of his response to the opposition and were not accompanied in the sitting by a detailed reconciliation of the competing debt figures.
The post PM Briceño rejects opposition’s debt criticism, says government is repaying loans while investing in major national assets appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Breaking Belize News Staff: Prime Minister John Briceño has rejected criticisms from Opposition Leader Tracy Panton and Mesopotamia Area Representative Lee Mark Chang concerning Belize’s mounting public debt, arguing that his administration has been responsibly managing the country’s finances while investing in essential national infrastructure and strategic assets. Briceño responded during Thursday’s House sitting
The post PM Briceño rejects opposition’s debt criticism, says government is repaying loans while investing in major national assets appeared first on Belize News and Opinion on www.breakingbelizenews.com.
