PRIME MINISTER DELIVERS STATE OF THE NATION ADDRESS

September 18, 2006

Prime Minister Said Musa delivered his state of the nation address today. Prime Minister Musa said this past year the performance of the Belizean productive sector continues to be good. 

Prime Minister Said Musa:

“Sugar earnings rebounded impressively the sugar cane crop contributed to a twenty three percent growth in delivery to one million one hundred and twenty three thousand four hundred and sixty nine long tons. Citrus concentrate remains the top expert commodity with earnings of ninety two point three million dollars, banana production recorded a slight decline on the other hand the production of papaya has increased by seven point three percent to thirty four thousand and seventeen tons. The output of the electricity and water sub sectors expanded by twenty seven point four percent, the tourism sector continue to be vibrant with stay over visitors increasing by five point one percent to a hundred and fifteen thousand three hundred and fifty four in the first five months of the year and overall tourist expenditure rising not with standing a decline in the number of cruise ship port calls caused by an unusual active hurricane season in 2005. The current account of the external balance of payment registered at substantial improvement emerging from a half year deficit of a hundred and forty two million in 2005 to a small surplus in 2006. Domestic export grew by thirty point one percent to three hundred and seventy four point two million dollars as the fledgling petroleum industry brought in sixty four million in sales total export increased to four hundred and twelve point eight million dollars with a significant increase  in re exports from the Corozal Free zone. The improvements in the visible trade position was re enforced by impressive growth in net receipts for services which soared by seventy six percent to two hundred and forty five point nine million dollars with tourism accounting for a substantial part of this.” 

Prime Minister Musa then spoke of the country’s fiscal performance. 

Prime Minister Said Musa:

“At the end of the first quarter of the 2006/2007 financial year Government recorded a primary surplus of twenty two point seven million dollars. Overall deficit was reduced to almost nine percent of GDP in the previous year to three and a half percent of GDP. By any account this was an impressive turn around, fiscal discipline, tight expenditure control and public finance reform measures have strengthened our economic fundamentals putting Belize on a more solid foundation of economic stability. At the same time we have maintained an environment conducive to private sector and jobs most of the new private investments were in tourism, agro industry, hydro electricity, expansion of the Phillip Goldson International Airport, real estate developments and oil exploration. The Fisheries department contributes significantly to Belize’s economy with export earnings in 2005 valued at some sixty million dollars in aqua culture farm shrimp and capture fisheries respectively.”

Prime Minister Said Musa:

“This has resulted in significant reduction of the overall deficit the foreign financial gap of 2006 is largely closed. As part of our firm commitment the fiscal imbalance sustainability in a credible medium term macro economic frame work we intend to stay the course significantly reducing the debt burden and building up the country’s reserves. We are now engage in a debt rearrangement constructed by dialogue with private creditors. We will do what is necessary to protect Belize’s currency peg while maintaining the prospects with continued lone term economic growth and employment.” 

Prime Minister Musa said over the past two years Government has been implementing a comprehensive package of fiscal monitoring and financial sector reform.Prime Minister Musa said we are a nation committed to education. 

Prime Minister Said Musa:

“Here in Belize there are some eighty seven thousand students enrolled in an educational institution from Pre School to University. Education accounts for o hundred and twenty two million dollars of the recurrent budget a further eighteen point three million is allocated to the capital education budget. This last year we witness a dramatic shift from towards technical and vocational education with the completion of the new IT-VET Institutions in the Stann Creek, Cayo, Orange Walk and Corozal Districts. This major investment of forty million dollars with loan funding from the Caribbean Development Bank is a clear recognition by this Government that our prospects for future growth are directly linked to our capacity to embrace science, technology and vocational skills training.” 

The Prime Minister said over these past 25 years since Independence Belize has been through significant change of tremendous growth and development. 

Prime Minister Said Musa:

"Our people have far greater access to education, home ownership, health care, and job opportunities than ever before. New and modern infrastructure connects all regions of our country and remote villages to towns and cities. More than 80% of our country has access to clean water and a stable supply of electricity. Six new water system recently completed with 5 more systems near completion. Telecommunications have advanced to a world class standard. At the same time we are confronted by serious socioeconomic challenges. Persistent poverty in the midst of growing prosperity, freedom from want for those living at the margin of society is still our great challenge, the growing materialism and the obsession with instant gratification. There is also a hunger of the spirit an hunger for meaning in our lives, the solution to crime and violence and drug and alcohol abuse, human trafficking, HIV/AIDS, domestic violence and child abuse are multidimensional la and order and national security must be maintained and the Police and the Belize Defence Force deserve our highest commendation and support for the work they do in crime prevention and crime control.” 

Prime Minister Said Musa.

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