$90 million for nothing

The Belize Chamber of Commerce and Industry (BCCI) condemns in the strongest possible terms both the previous People’s United Party (PUP) administration and the incumbent United Democratic Party (UDP) government for their respective roles in burdening taxpayers with a debt which the government has allowed to snowball to $90 million. While the PUP administration deserves criticism for contracting the original liability of $29 million, the current administration has allowed interest of over $55 million to be added to the debt.
The sorry saga leading to the Caribbean Court of Justice’s (CCJ) ruling on Wednesday, November 22nd began with the previous PUP administration’s illegitimate and irresponsible dealings in providing a clandestine government guarantee for Universal Health Services (UHS). It continued with the current UDP administration’s reckless legal gambling and resultant massive loss. At a staggering $90 million, the award now more than doubles the 2013 LCIA arbitral award of about $37 million.

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