Earlier we shoed you the main features the budget that was presented
today in Belmopan. It was done at a special sitting of the House. Special sittings
are usually single purpose affairs but there was a good deal of other business
that came up, most notably those amendments to laws governing the banking sector.
We first reported on it last week when you heard PUP Deputy Leader Mark Espat
describe them as a sinister backdoor attempt for government to get its hands
on depositor savings. And then you heard the Governor of the Central Bank say
that it was no such thing; it was simply a new instrument of monetary control
which would allow the Central Bank as regulator to free up funds in the commercial
banking system which could spurt lower lending rates. Well today it went to
the House and it created major fireworks. Here's how it went.
Hon. Johnny Briceno, PUP Leader
"What they are doing with these changes is that the Prime Minister
is saying now that by allowing the banks to use some of their liquid assets
that are sterilized in the banks, they could make some extra money by getting
6.5% interest and then he adds by saying that by doing that the banks will be
able to reduce their interest rates they charge their customers. Well we know
that is certainly not going to happen. Mr. Speaker when you start to force banks to hold government securities, especially if the banks are concerned about the
government's ability to pay, it continues to further erode confidence."
Rt. Hon. Said Musa, Fort George Area Rep.
"No matter what is said, the truth of the matter is when you strip
away all the technical jargons in all these amendments, whether it be the Central
Bank or the Treasury Bills or the International Financial Banks, strip it all
away and look at exactly at what is happening – it is to afford this UDP
government the ability to borrow more from the commercial banks in Belize utilizing
the Central Bank through the Treasury notes. They can't get away from
that, that is a simple fact. Why are we increasing the Treasury notes to a 10
year bond? The Barrow Bond for 10 years. It is to give him the ability to use
these monies and not being required to pay back for it until 10 years. This
is the new Barrow Bond. You cannot get away from that."
Hon. Dean Barrow,
"Dealing with the Member from Fort George, Mr. Speaker I say again that I continue to be shocked that he can continue to speak like he's
suddenly regained a voice. But you know I just want to say this Mr. Speaker,
I was reading a book by an Afghan writer and there was a phrase in the book
which I supposed must be Afghan, it is apparently a traditional saying. You
know what it is: a stubborn jackass needs a stubborn driver. Well you are the
stubborn jackass and I will be your stubborn driver every time, every time.
Every time you get up to persist in your outrages against the Belizean people
I will be here to flog you and chastise you…I won't stop until I
hang a…"
Emil Arguelles, Speaker of the House
"Hon. Prime Minister."
Rt. Hon. Said Musa,
"You're a disgrace to this nation for a Prime Minister to be
speaking like that. Utter disgrace."
Hon. Dean Barrow,
"I won't finish until I hang the bell around your neck as in
the days of what they used to do lepers because that is what you are, a moral
leper in this country and everybody should be alerted as to when you are passing
or when you are speaking so they can avert their nose. That is what I think
of you. Can I deal now with the Leader of the Opposition? Am I allowed to continue?"
Emil Arguelles,
"Do you have a point of order…?"
Hon. Dean Barrow,
"I am speaking."
Hon. Johnny Briceno,
"It is unparliamentarily language that the Prime Minister is using
in the National Assembly. Fortunately we have the students that have just left
because it would have been a shame to have the Prime Minister speaking in such
a manner in this Honourable House."
Emil Arguelles,
"Members of the gallery I will ask you to remain silent. Hon. Prime
Minister please proceed without reference to that word. I acknowledge it is
a word in the dictionary."
Hon. Dean Barrow,
"Now coming to the Leader of the Opposition, it must be obvious to
all on this side of the House and I think the entire nation that you are singing
for your supper. It is now a matter of record the connection, the business relationship
between you and the owner of one of the banks in this country via the vehicle
of Speednet and Smart. So every time you get up on an issue like this which
in anyway affects that bank, I will know that you are singing for your supper."
Despite the testy back and forth, the Bills passed. The Governor of
the Central Bank told us he expects to see the effect of the new measures as
early as April.