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Here's how he explained it:

Joseph Waight, Financial Secretary
"The unfortunate thing is that we would have to borrow the money to pay it and then that increase your debt and that increases your debt service. If you have to borrow another 150 million for the next payment, and you borrow money at 3%, you are looking at 4.5 million dollars more in debt service and of course you have to repay. So it adds up very quickly."

Daniel Ortiz
"Are you saying at this time that the government will have to borrow to make the next payment?"

Joseph Waight, Financial Secretary
"Yes."

Daniel Ortiz
"What is that value exactly?"

Joseph Waight, Financial Secretary
"I'd say about 150 million dollars more and you would have to find ways of meeting the debt service and also amortizing that debt overtime. There are 3 arbitration awards that were in favor of or against the government of Belize, substantial amounts. The claimants have taken the cases to the US court system. It's gone as far as the US court of appeals which have upheld the awards. We are now going to final court which is US Supreme Court. Belize has applied to the US Supreme Court to hear the case. US Supreme Court has not determine yet whether they would hear those cases or not, If they do, I hope they find in our favor. I think we have accompanying arguments. If they don't hear the case well I guess it's another year of enforcement, which is another thing."

Daniel Ortiz
"What is the value of those external awards combined?"

Joseph Waight, Financial Secretary
"Combined we are looking at 100 million Belize dollars."

So, as you heard a while ago, that's 150 million dollars which will be added to the national debt. Those 3 external awards, should the US Courts rule against Belize one final time, will tack on another 100 million dollars in debt.

Later on in the news, you'll hear exactly why the Financial Secretary says that the Government cannot pay that final 3% salary adjustment to the teachers and public officers at this time.