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Debt levels were high for many countries prior to the COVID-19, but the pandemic has worsened the situation in many low and middle-income countries. Revenue collection and economic activity have declined drastically, making it hard to service debts. The Government of Belize, in collaboration with the Commonwealth Secretariat, is looking for financial instruments available in […]
Written on June 22, 2021 | Posted in
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Environment,
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Regional / International |
Comments Off on Belize Explores Debt for Climate Swaps in Commonwealth Webinar
This morning the news of multiple terminations at the Belize City Council spread like wildfire on social media. But Mayor Bernard Wagner told News Five the employees in question are all of retirement age and council is to begin enforcing the City Council Act. He says keeping them on the payroll is costing CitCo hundreds […]
Written on June 22, 2021 | Posted in
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Comments Off on CitCo Employees over 55 to be Retired
As we’ve reported over the last few weeks, Belize has gotten an extension of its international bond payment. But U.D.P. Chairman Michael Peyrefitte says that he remains concerned about how this will play out because he believes PM John Briceño is very naïve when it comes to charting the super bond waters. Michael Peyrefitte, […]
Written on June 22, 2021 | Posted in
Economy |
Comments Off on Peyrefitte Says PM “Doesn’t know what he is talking about” with Superbond
The price of regular gasoline and diesel will increase at midnight tonight. The price of regular fuel will increase by eight cents, from ten dollars and ninety-five cents to eleven dollars and three cents per gallon. Diesel will also see an increase of eight cents, from ten dollars and fifty-one cents to ten dollars and […]
Written on June 21, 2021 | Posted in
Economy |
Comments Off on Pump Prices Fluctuate Again with Small Increase in Regular and Diesel
In 2019, Belize owed ninety-seven percent of what it was producing. During the 2020 COVID-19 pandemic, Belize’s debt increased to one hundred and thirty percent of G.D.P. Prime Minister John Briceño in his April ninth budget presentation referred to the situation as Belize’s “most severe economic, fiscal and debt crisis.” The International Monetary Fund, a […]
Written on June 16, 2021 | Posted in
Economy |
Comments Off on I.M.F. and Briceño Administration Agree on Some Aspects of Belize’s Economic Situation, Differ on Others
When it comes to the government’s decision to implement a wage cut, the I.M.F. says this was not a part of its recommendation to local authorities in its 2021 country report. According to Guajardo, mention was only made that there needs to be a reduction in the wage bill. Doctor Guajardo says this is a […]
Written on June 16, 2021 | Posted in
Economy |
Comments Off on Specific Wage Cuts Not Part of I.M.F. Recommendations, but Reduction of Wage Bill Was
When looking at long term solutions to Belize’s crisis, the I.M.F. recommends several growth enhancement structural reforms. According to Doctor Guajardo, these are changes Belize can implement to boost the nation’s economic activity over time. I.M.F. recommendations include improving the business climate to promote investment, addressing crime, and building resilience to climate change. Dr. […]
Written on June 16, 2021 | Posted in
Economy |
Comments Off on Better Business Climate, Crime Reduction and Infrastructure for Agriculture among IMF Structural Reforms
Teachers and government officers across the country will begin to see ten percent less of their salaries starting this month since G.O.B.’s 2021 reduction in public service emoluments and allowances came into effect on June first. Those who stand to be directly affected protested the salary cut for weeks, while also fighting for good governance. […]
Written on June 14, 2021 | Posted in
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Miscellaneous,
People & Places |
Comments Off on Pulling Their Children Out of University and Selling Food: Teachers Take Drastic Action
The International Monetary Fund has released its official report following its Article Four consultation with Belize back in February of this year. Among the policy points Belizeans would be most concerned about are the recommended cuts to government spending and increases in taxes, including the General Sales Tax. The report acknowledges Belize has been hard […]
Written on June 10, 2021 | Posted in
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Comments Off on IMF Report: Belize Hit Hard by Pandemic, but Government Needs to Structure Debt and Raise Taxes
It has been reported in the international press and today the Financial Secretary Joseph Waight said that yes, some of Belize’s creditors have agreed to extend the grace period on the seven million dollars coupon payment, which was due earlier this year to late September. He says the time will be used to continue ongoing […]
Written on June 10, 2021 | Posted in
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Comments Off on The Financial Secretary Comments on Bond Payment extension
But, undoubtedly these repeated defaults on loan payments to bond holders have had a negative impact on Belize’s international reputation. Waight says Belize continues to bilateral financing, but he acknowledges the economy is in dire straits. Joseph Waight, Financial Secretary “Well you know, we have a structural problem. We have an unsustainable debt situation, […]
Written on June 10, 2021 | Posted in
Economy,
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Comments Off on FinSec on International Financing
Belize’s foreign reserves have withstood some of the worst days it has seen. Now, the Financial Secretary says the nation’s reserves are bouncing back. He noted that the process to complete recovery will be slow, yet the economy is already experiencing growth. Joseph Waight, Financial Secretary “Well, the official reserves are adequate. I think […]
Written on June 10, 2021 | Posted in
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Featured |
Comments Off on Is Belize Passed the Worst in Terms of Foreign Reserves?
In our analysis of the new pay scales for teachers and public officers, we spoke with Dean Flowers, President of the Public Service Union. He gave us a perspective on how the adjusted wages will affect not only himself, but others on various levels of the salary band. While those on the lower rung of […]
Written on June 10, 2021 | Posted in
Economy |
Comments Off on P.S.U. Prez Breaks Down the New Pay Scale
Financial Secretary Joseph Waight says the new pay scale for government workers and teachers is backed by agreements made in negotiations with the Unions and legislations passed in the House. Although the President of the Public Service Union, Dean Flowers says the scale which took effect retroactively to June first is permanent, and that increments […]
Written on June 10, 2021 | Posted in
Economy |
Comments Off on New Pay Scale to Affect Public Officers Making More than Twelve Thousand Dollars
The Financial Secretary also appealed to the wider Belizean to assist in the nation’s economic recovery. Waight says in addition to paying their taxes, people should view the economic rebound as a partnership. Joseph Waight, Financial Secretary “Those who are taxpayers should be paying their fair share and not avoid paying their fair share […]
Written on June 10, 2021 | Posted in
Economy |
Comments Off on Financial Secretary Urges “Be good citizens”
The ten percent salary reduction for teachers and public officers, which came into force at the beginning of June, is even more dire than what was previously anticipated. That is according to P.S.U. President Dean Flowers. Today, he pored over the new pay scales that have been implemented by the Ministry of Finance. The head […]
Written on June 9, 2021 | Posted in
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People & Places |
Comments Off on New Pay Scales a Set Back for Public Officers and Teachers
According to Deputy Prime Minister Cordel Hyde, however, the enactment of a new pay scale is for legal purposes and does not affect government’s commitment to implement the wage cuts for a period of three years only. Cordel Hyde, Deputy Prime Minister “I imagine the lawyers who advice the government advised that we would […]
Written on June 9, 2021 | Posted in
Economy,
Featured |
Comments Off on D.P.M. says the Wage Cuts are Not Forever
And, while teachers and public servants will feel the pinch of the salary deduction in their next paycheck, Deputy PM Cordel Hyde says he too is feeling pain and discomfort. Hyde noted that this is the first time in history of Belize’s independence that the salaries of public officers are being cut, an act which […]
Written on June 9, 2021 | Posted in
Economy |
Comments Off on Acting PM Says Pay Cuts Were Difficult Decision
The City of Belmopan has a new landmark. The David L. McKoy Business Center, which sits on the Social Security Board compound, was officially opened today. The building is named after one of the pioneers of the fund. The eight-million-dollar building will house multiple business and government offices. A short ribbon cutting ceremony was held […]
Written on June 9, 2021 | Posted in
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Miscellaneous,
People & Places |
Comments Off on New Business Complex Opened in Belmopan
It’s official: salaries for teachers, public officers and open vote workers will be readjusted to reflect a ten percent reduction as of June first. Earlier today, Financial Secretary Joseph Waight issued a circular to the Office of the Governor General, Chief Justice, Auditor General, Solicitor General, and C.E.O.s, among others, regarding a reduction in public […]
Written on June 8, 2021 | Posted in
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People & Places |
Comments Off on Salary Reductions “Kick Een” for Teachers and Public Officers
On Monday, Prime Minister John Briceño said in an interview on Channel Five’s Open Your Eyes that Belize’s international bondholders had been playing what he called “hard ball,” but were “shooting themselves in the head.” Well, it seems the bondholders’ approach has changed. This afternoon, Reuters news agency reported that the group of Belize’s creditors […]
Written on June 8, 2021 | Posted in
Economy,
Featured,
Regional / International |
Comments Off on Bondholders Agree to Grace Period Extension
Job seekers may be interested to know that openings in the public service will soon be advertised on a new job search website launched today. According to the ministry, the new site is expected to increase the number of qualified applicants and to make the application submission process easier. Tutorial videos are also available. In […]
Written on June 8, 2021 | Posted in
Economy |
Comments Off on Public Service Vacancies Now Online and Training Given to Finance Officers
On the topic of the so called “super bond,” PM John Briceño says that his government will not continue to pay unless there are further renegotiations. As we told you last week, the bondholders have turned down the request for an extension of the coupon payment that was due May twentieth. Prime Minister John […]
Written on June 7, 2021 | Posted in
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People & Places |
Comments Off on Prime Minister Briceño: “Bondholders Playing Hardball”
On Friday, the Senate also debated the Income and Business Tax amendment bill 2021 which seeks to reposition Belize as an appealing option for the offshore financial sector. With many of the registered companies in the international financial services having pulled out of Belize, the government wants to create an attractive business climate. Here’s more […]
Written on June 7, 2021 | Posted in
Economy,
People & Places,
Politics |
Comments Off on Senators on Offshore Financial Services
On June first, the Ministry of Finance issued a press release to say that government was seeking to extend the time of consent solicitation to Friday June eleventh in order to make a Bond coupon payment on October nineteenth. Today, Senator Michael Peyrefitte told the media that it isn’t unreasonable for G.O.B. to ask for […]
Written on June 4, 2021 | Posted in
Economy,
Featured |
Comments Off on G.O.B. Has Not Consulted U.D.P. on Superbond Coupon Extension
