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Belize and its penchant for loans

LettersBelize and its penchant for loans

Thoughts from the Belizean diaspora – by Marie-Therese Belisle Nweke

Wednesday, August 16, 2023

Concerning the three loans recently passed by the Belizean government, $77 million represented a loan from the Saudi Fund for Development!

Belize urgently needs to guard itself against the predatory lending policies of certain states and financial institutions, as well as the real possibility of the cooption of Belize’s strategic assets when loans cannot be repaid. This has occurred in Africa and places as far afield as Sri Lanka!

To this end, therefore, Belize should borrow mainly to implement value-added projects, which will not only boost economic growth, but create self-sufficiency and engender meaningful employment. The poverty in Belize is not only grinding and endemic, but getting worse by the day. Belizeans were never a nation of beggars, but from all accounts this is the reality on our streets today. So, who exactly are these loans empowering?

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