Central Bank Will Not Provide U.S. to G.O.B.

Denys Barrow

Government has put forward that it cannot meet a seventy million U.S. dollar payment should the CCJ rule in favor of the previous owners of B.T.L.   While Central Bank has provided an initial twenty-nine million dollars, the Barrow Administration is basically on its own in finding the balance of the payment.

Denys Barrow, Attorney for Government of Belize

“The issue now is that Ashcroft says that the agreement provides that I should get fifty percent of the total award upfront.  The problem is that if it had gone as was expected, seventy-thirty, then you could get fifty percent because that would still leave another twenty to go along with the thirty towards the people of Belize.  But it didn’t happen that way.  So there is not sufficient of the unrestricted amount, there is not sufficient money to pay Ashcroft fifty percent of the total award because that would exceed what he is entitled to by way of the unrestricted amount.  So that’s why we are here.”

Isani Cayetano

“I was made to understand however, that with regards to this particular application, the government is essentially saying that it doesn’t have the amount being requested in U.S. currency and the Central Bank is not forthcoming with providing government that amount.  Correct?”

Denys Barrow

“That is also a significant part of it.  But more fundamental is the part which I mentioned, but equally, almost equally significant is that we have gotten from Central Bank I think twenty-nine million dollars.  We have consulted Central Bank and Central Bank has in fact written a letter to the Financial Secretary setting out, I think in four pages, exactly why they cannot find seventy million or any really other significant portion of money in U.S. dollars to sell to the government now to pay to Ashcroft.”