By Benjamin Flowers, Staff Reporter
The Belize Chamber of Commerce and Industry (BCCI) is calling on the Government of Belize to take international warnings about the economy more seriously.
This past week BCCI President, Arturo Vasquez, speaking on the latest warning by the International firm Moody’s that Belize needs fiscal policy amendments, said that GOB needs to consider the international implications of that kind of warning.
“They should not be looked at and thrown aside”, Vasquez said. “I want to think that since these Moody’s reports are internationally read and reviewed, it can have a significant effect on your foreign direct investments.”
Vasquez added that while he respects that GOB may have a different opinion on the country’s economic outlook, dismissing the reports is not an advisable stance to take.
Last week Prime Minister Dean Barrow, disregarded the warnings of several financial institutions that Belize is headed for an economic crisis without fiscal policy reform.
Barrow, disagreed with the international rating agencies such as Moody’s and BMI in
“I absolutely dismiss that, we know what we’re doing”, Barrow remarked. “That’s their job and I’m not going to quarrel with them, but we know what we are doing.”
Within the past three months, four institutions have warned that the way government is budgeting and spending its money could have a negative longterm impact on the economy.
These include the InterAmerican Development Bank (IDB), and the
International Monetary Fund (IMF) and BMI.