Bondholders of Belize’s five hundred and fifty million U.S. dollar external debt have once again rejected government’s proposal of new terms until a meeting is held among all parties. The creditor committee, comprised of GMO and Greylock of the United States and ABRDN of London, says the Briceno administration turned down the suggestion that they […]
The Briceño administration is proceeding with the reduction of working hours for public officers effective June fourteenth. This morning, Public Service C.E.O. Rolando Zetina sent a circular memo to the Office of the Governor General, the Chief Justice, the Auditor General, Financial Secretary and several others, including C.E.O.s and heads of departments. As conveyed in […]
We also asked Mayor Wagner about the flow of the tax revenue coming into the Belize City Council. He says hard times mean it is harder to collect taxes owed and the provision of services will suffer. Bernard Wagner, Belize City Mayor “Tax collection has been way below average, way below average. Sometimes myself, […]
While teachers were outside demonstrating on Independence Hill, Prime Minister Briceño introduced a motion that, when passed, will see the reduction of their monthly salaries by ten percent. It will also have a similar effect on the salaries of public officers, including those that come under the Security Services Commission, as well as the Judicial […]
As previously reported, Belize was unable to meet its “superbond” payment last Thursday, resulting in a default on its commitment to bondholders. During today’s house meeting, Prime Minister John Briceño provided an update on the situation and also reiterated that Belize will not be subscribing to an IMF standby program, notwithstanding its economic constraints. […]
Premium, regular and diesel gasoline remain the most sought after commodities tonight, amid a shortage of fuel that has been affecting consumers since Tuesday. An expected shipment of fuel was delayed at the port, but a fleet of tankers did cross the western border today with petrol that should hold us over. Today, News Five’s […]
Turning to liquefied petroleum gas prices….a release from the Supplies Control Unit indicates the wholesale price of LPG will drop to three dollars and thirty-nine cents. This price will be reflected at LPG stations across all six districts. Retail prices in urban areas will drop to one dollar and thirteen cents per pound and four […]
There were long lines, honking horns and chaos at service stations from north to south today, as the shortage of fuel saw almost everyone who owns a vehicle heading straight for the gas pump. The scarcity of gasoline brought on by inclement weather last week in the Gulf Coast saw demand for fuel skyrocketing overnight […]
Public Service Minister Henry Charles Usher is one of the government players meeting with Joint Unions Negotiating Team as the impasse over the ten percent salary cut and increment freeze remains unresolved. Though unpopular to the unions and in some quarters, Minister Usher said that the salary adjustment was a difficult, but necessary decision that […]
A coupon payment for Belize’s so-called “Super Bond” was due today, but instead of making that payment to its international creditors, the Government of Belize is now asking for an extension. In a release posted to the Central Bank of Belize website on Wednesday, G.O.B. indicated it is seeking a “Consent Solicitation” from eligible owners […]
In better days, Belizeans were encouraged to shop ‘til we drop and conspicuous consumption was the order of the day. But gone are the weekend trips to Chetumal just to purchase laundry detergent and groceries. With the financial crunch that the country is facing, many have turned to buying less or smaller different quantities than […]
On the issue of the ten percent salary cut for teachers and public officers, today P.S.U. Vice President Dean Flowers questioned the involvement, or the lack thereof, of the private sector. According to Flowers, private sector businesses stand to be most affected as the move by government is removing in excess of two hundred million […]
In response to pressure from the unions demanding the implementation of good governance legislation to support the U.N. Convention Against Corruption, this week Prime Minister John Briceño issued a document outlining pending legislation for three reforms. To put those commitments, now documented in writing, into perspective, New Five’s Paul Lopez spoke to attorney at law, […]
In the world of film-making, there’s a thrill that accompanies the whole line “Lights, cameras, action!” but Film Commissioner, Nigel Miguel says he has been able to land an interesting marriage of filming and scientific research. It should, if Belize is lucky, bring us some international exposure about the types of fauna that offer medicinal […]
Just last week, cabinet approved the reconvening of the National Trade Negotiating Commission, and by today, they were already meeting with representatives from the business sector and civil society. News Five’s Paul Lopez was at the launch of the National Trade Negotiating Commission which aims to change the trade deficit into a trade surplus. […]
Many great brands start in family homes – inside a garage or living room or even a kitchen. And that’s what one young business owner is hoping – that his pepper sauce line, which he started in his mom’s kitchen, will bloom into a recognized Belizean brand. He’s making habanero sauces with very gourmet flavour […]
On Monday, Minister of State Christopher Coye shared the latest information on Belize’s pending Super Bond payment. A seven-million-dollar coupon is due later this month and, from the look of it, Belize will not be able to meet this external debt obligation. Bondholders are reluctant to proceed with a restructuring unless Belize signs on to […]
Belize’s reputation in light of its bad payment history since 2008 is also cause for concern, says Minister Coye. The country’s debt profile paints a bad picture considering the existing debt of over a billion dollars. Christopher Coye, Minister of State, Finance “Looking at the debt profile of Belize, it’s certainly not commendable to […]
Earlier in the newscast we told you about the pending appointment of Belize’s Doctor Carla Barnett to the post of Secretary General of CARICOM. During our zoom interview, Barnett also weighed in on the issue of de-risking which in recent years has placed serious pressure on region’s financial services. Due to the imposition of more […]
Will Belize be able to make a scheduled seven-million-U.S.-dollar coupon payment to its international bondholder on time later this month? That is looking more and more unlikely, particularly after the Government of Belize announced today that it will consult with holders of the nation’s so-called “Superbond” about “potential alternatives to punctual payment” of the next […]
The Super Bond restructuring remains in limbo, following the cancellation of a virtual meeting between Minister of State Christopher Coye and the two largest holders of the Government of Belize’s U.S. Dollar Bonds. That meeting was scheduled for earlier this week, with an aim to restructuring the bonds that are due in 2034, taking into […]
PM Briceño also spoke about the outstanding taxes owed to the government and why collecting those taxes is not a simple solution to the economic crisis. He noted that the responsibility to collect taxes also lies with public servants. Prime Minister John Briceño “Generally Belizeans understand. I think even the Union members understand. But […]
PM Briceño also contended that while there are those expecting his administration to solve the nation’s economic crisis within a short span of time, those most critical have been members of the public service for the past thirteen years. PM Briceño questioned why industrial actions were not organized by those critics under the last administration. […]
There are questions tonight about Belize’s homegrown economic recovery plan after Reuters news agency is reporting that creditors have been urging Belize to agree to an I.M.F. program, and Belize is accusing its bond holders of cancelling a zoom call. When asked for comment today, Minister of State in the Ministry of Finance Chris Coye […]
The reported pressure that G.O.B. is facing from superbond holders may also be having a rippling effect on ongoing negotiations with the joint unions. Today, President of the P.S.U., Gerald Henry explained that the added external pressure may be causing the government to stick to the ten percent cut. Gerald Henry, President, P.S.U. “I […]
