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    Tuesday, 29 January 2019 20:33
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On Wednesday, the controversial Petro Caribe loan motion was debated by the Senate but despite the fiery exchange the Petrocaribe Loan motion was passed. But while the loan motion has been approved by Senate, the debate on the Petrocaribe agreement rages outside the walls of parliament as government’s moment of glory may soon end as there are shifts in oil prices that could mean an end to the fuel agreement with the Bolivarian Republic of Venezuela. The Prime Minister however says he is not really worried.

pm3Honorable Dean Barrow – Prime Minister of Belize

“I think that’s quite possible. I just want to put on record how grateful we have been for Petrocaribe and for the absolute enlightenment of Chavez and his vision and the continuation of that vision by his successor. If in the circumstances the Venezuelans have to moderate or even terminate the agreement until in fact there is some sort of return to the circumstances in which they pioneered it, we will have to understand. We will be grateful but we will completely understand. You know within a year or so oil prices are going to go right back up. But am we, I can’t say are prepared for the eventuality of a termination of the program, but we are clearly very mindful of the circumstances you have just described and we anticipate that there is very much that possibility. We of course have laid aside….




"A few hundred million..."

Honorable Dean Barrow– Prime Minister of Belize

"That's a little bit of an exaggeration, but we have as I indicated deliberately not tried to spend everything all in a rush for several reasons including the fact that we thought that a prudent thing was to lay aside a sort of rainy day fund. So if the program stops anytime soon, we have enough to continue with prudent cautious spending funded by the Petrocaribe proceeds for a number of years to come."

Viewers may recall the spectacle organized by the government at the last sitting of the House of Representatives where the UDP rallied supporters to gather at the foot of the National Assembly to display support to the Petrocaribe agreement and projects that fall under it. Through the projects, the UDP hopes to garner support and favor from the public in the upcoming elections but given the probably shifts in things, the PM was asked whether he is concerned that the end of that agreement may affect him politically.

Honorable Dean Barrow – Prime Minister of Belize

“But it’s not just that you see. That is a big help, but remember you had said to me when we had that splendid second quarter GDP growth…look out for the third quarter. Well of course we didn’t match the second quarter, but we’ve done exceptionally well for a third quarter which is usually very iffy so the fundamentals are in place, the economy will continue to grow. Without a doubt this has represented a tremendous boost but all good things come to an end so we will manage we will still do well and we will over time be able to fill the hole."

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