Trade Union Congress backs exchange of “blue bonds” for super bonds


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Posted: Saturday October 2, 2021. 2:59 PM CST.

By Aaron Humes: Another key government partner has joined in plans to withdraw the Superbond and replace it with environmentally friendly “Blue Bonds”.

In a statement, the Belize National Trade Union Congress (NTUCB) said it supports the use of blue bonds (debt-to-nature) in the proposed scale is new to our hemisphere and will improve confidence in the financial sector. international. He has also been impressed with the qualified majority (84%) adherence of bondholders so far.

Congress was briefed by Foreign Minister Eamon Courtenay and Minister of State for Finance Senator Christopher Coye, but said they requested certain commitments. First, that the details of the eventual agreement with The Nature Conservancy (TNC) and Credit Suisse AG be provided to the Belizean people and in particular our indigenous peoples who depend on marine resources and services for their livelihoods. Second, the need for immediate economic reform and protective measures against debt unsustainability (equal to 78% of the debt-to-GDP ratio) as recommended by the International Monetary Fund (IMF). And third, the importance of a social partnership mechanism to preserve Belize’s commitment to achieving the Sustainable Development Goals; the achievement of which requires the cooperation and commitment of the workforce representative.

The Government reiterates the reduction of the country’s debt to GDP ratio and the reduction of the national debt in real terms by half a billion dollars; a commitment to implement various conservation initiatives under the aegis of the blue economy for the area encompassing the exclusive economic zone (EEZ) of the country; a promise that these commitments will not impose restrictions on existing activities outside the EEZ; nor will the commitments made under the STN agreement prevent the government from accessing other resources that may be considered to be of economic importance to the government and people of Belize.

Congress also recalled that it is ready to work with the government, which recognized its sacrifices made in the form of budget and salary cuts at the start of the year as long as it keeps its commitments of good fiscal and administrative management.

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