Barrow dodges IMF Budget
Belize City, February 1, 2012 The Barrow Administration has called it quits just four years into what should have been a five-year term, admitting that they have failed the people of Belize miserably. In one of his most lacklustre speeches as Prime Minister, Dean Barrow’s farewell address delivered on Tuesday afternoon was expected by an electorate whose sympathy for a bungling Government administration was withering fast and whose patience for political change has been growing thin. Barrow claimed to be in need of a new mandate, but fittingly chose to ignore the mandate given to him in 2008 when he promised to bring down the cost of fuel, the cost of living and to create economic development and jobs. The UDP administration failed to deliver its 2008 mandate so miserably the Prime Minister should be ashamed to say he is in need of a new one. What Barrow isn’t telling Belizeans is that his quick trigger on the elections was spurred by an impending UDP budget bomb, one filled with higher taxes and even more debilitating financial measures. Having nearly collapsed Belize’s economy, to one which saw an unprecedented negative growth in 2009, Barrow cast Belize down a slippery slope. International creditors see no hope for the country under the Barrow Administration, while more powerful financial institutions such as the World Bank and the International Monetary Fund are demanding changes their way if they are to lend monies. Under the UDP, Belize is at its knees and the only relief Barrow can find is to run to the IMF for support. This has occurred every year since 2008, and Barrow has had to bend to the IMF’s demands. Under the IMFs command, the General Sales Tax was increased by 25% to 12.5%, while public officers’ wages have been frozen. This year alone, the Barrow Administration signed on to a new tax administration system proposed by the IMF – one of the stipulations for country funding. But the worst has not yet come as the harsh IMF recommendations of higher taxes, increases in fuel prices and mass retrenchment would have been revealed in Barrow’s 2012-2013 Budget. Barrow has offered no credible reason for not waiting until his full term was completed, but it is known that the IMF’s policies have been gaining prominence with the UDP administration. Belizeans must be warned. The UDP’s next budget will be one ...







