New Law to Provide Liquidity to the System, Not to Aid Failing Company

Eamon Courtenay

According to Senator Eamon Courtenay, who represents both the People’s United Party and Government Business, any programs created would be for limited duration, with permission of the Minister of finance. According to Courtenay, clause sixty-six is not designed to assist any particular business or entity. Like Prime Minister Briceño, Senator Courtenay stressed the purpose of the bill is to provide liquidity to the system, not to aid a failing financial company.

Eamon Courtenay, Senator for Government Business 

“What you have is money sitting in banks doing nothing; sitting in banks. Senator Smith said 420 in domestic banks, 247 million in credit unions. Madam President, tens of thousands of Belizeans are unemployed, thousands of businesses have failed, thousand more are on the edge and we say that we are currently facing an urgent unique, unusual and exigent financial circumstances and we have to have instruments designed by the Central Bank promulgated and made public so that access can be had to some of those funds in managed and regulated ways in order to stimulate to create jobs and to get Belize bounced back betta.”

The Central Bank of Belize Amendment bill passed the Senate today with nine senators voting “yes” and three – Senators Michael Peyrefitte, Aldo Salazar and Sheena Pitts – voting “no.”  There was one abstention from Senator Elena Smith. In addition to Chairman Sydney Campbell, who served as governor under the Musa administration between 2003 and 2008, Central Bank board of directors are Sol Espejo-Molina, Neri Matus and Giacomo Sanchez.  Financial Secretary Joseph Waight, Governor Joy Grant and Deputy Governor Marilyn Gardiner-Usher are all ex-officio members, while Kareem Michael is Deputy Governor alternate.