Prime Minister Dean Barrow held the first Press Conference of his second term today. It comes at nearly the 100 day mark for the second term - but there's not much to celebrate.
That's because Oil revenues are expected to go down sharply in the coming fiscal year - making the long delayed budget, a difficult one.
He opened up with that explanation:
Prime Minister Dean Barrow - Prime Minister Of Belize
"There is no doubt that this will be a difficult budget. Reason 1 is what is happening with global oil prices. Their steep drop is good news for consumers at the pump, but our country's export earnings are being hammered, and Government will experience a $30 million fall- off in tax revenue, as a result of this, the far lower oil prices, and also as a result of declining BNE production. Oil is, of course, a finite resource, and we are already beginning to see production trailing off. We need to find more oil. So, the trick now will be to manage operationally with far less by way of Government influx. The challenge and the pre-occupation is how to reign in local expenditure without compromising our signature pro-poor programs. Let there be no doubt that we will do this, and we will do it while absolutely refusing to implement any growth stifling tax increases on the Belizean people. There is no way we're going to raise taxes. Clearly, something has to give, so we will have to curb expenditure. I am glad you're asking this question. My colleagues are here this morning, and they've heard me say this over and over again. Since tomorrow is the day in which the exercise will be done, that will have to result in the expenditure curbs, they will know that the gravity and the absolutely imperative nature of doing this It will be highlighted here."
The Budget will be presented on June 29th, not the 22nd as was previously projected.
The good news is though that Tourism is expected to have another record year and sugar had the best year in memory, with over 1 million tonnes delivered, and 115 tonnes of sugar milled.
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