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The Karl Heusner Memorial Hospital Workers Union says that last week they were able to reach common ground on the cost cutting efforts at the K.H.M.H. as a result of budget cuts that have been proposed for similar statutory bodies. The K.H.M.H. Workers Union says that the biggest compromise was a freeze on increments, but […]
Written on August 19, 2020 | Posted in
Economy,
Miscellaneous,
People & Places |
Comments Off on K.H.M.H. Workers Union Agrees to 3 Million-Dollar Cost-Cutting Exercise
The sale of Scotiabank Belize to Caribbean International Holdings Limited, the parent company of Belize Bank, is still being finalized by the Central Bank. The Central Bank is pouring over details of the proposed transaction to ensure that proper due diligence was done by both parties. On Friday, Prime Minister Dean Barrow gave a brief […]
Written on August 17, 2020 | Posted in
Economy |
Comments Off on Where are We with the Proposed Sale of Scotiabank Belize?
Belize has gotten a much needed break as far as the payment of the super bond even though the country’s credit rating was downgraded by Standards and Poor to a rating of selective default. On Friday, PM Barrow congratulated those who were instrumental in deferring the payment of the super bond amid the economic downturn […]
Written on August 17, 2020 | Posted in
Economy |
Comments Off on Super Bond Payment Deferred
There is a downgrade to Belize’s credit rating. According to Reuters, S and P Global ratings reduced the country’s foreign currency ratings to SD from a CC/C. This is due to the proposed capitalization of scheduled payments on the five hundred and twenty-six Eurobond which matures in 2034; payments for which the government told bondholders […]
Written on August 13, 2020 | Posted in
Economy |
Comments Off on Standard & Poors Reduces Belize’s Foreign Currency Rating to SD
Caye Caulker, like Ambergris Caye, has been severely affected by the pandemic because these island towns are highly dependent on tourism. Since the beginning of the year and more so in February, cancelations were swift and furious with international tourists cutting short their vacations and returning to their respective countries. With the reopening of the […]
Written on August 11, 2020 | Posted in
Economy,
Featured,
Health |
Comments Off on Economic Inactivity on Caye Caulker Persists
The borders in the north and west are closed indefinitely. To the north, Mexico is placed at number three globally for the explosion of the corona virus. Quintana Roo is seeing growing numbers so the re-opening of the Corozal Free Zone is not likely to be anytime soon. Hundreds of employees have been sent home […]
Written on August 11, 2020 | Posted in
Economy,
People & Places |
Comments Off on Corozal Free Zone at a Standstill Months after Pandemic Induced Closure
COVID-19 has disrupted commercial activity for many entrepreneurs at micro, small and medium levels. A majority of those are part of the cross-section between tourism and agriculture and as many as fifty-four percent being classified as micro businesses. The impact of the pandemic has led to the temporary closure of thirty-five percent of all such […]
Written on August 11, 2020 | Posted in
Economy,
People & Places |
Comments Off on Micro and Small Businesses Need Help to Rebound from Economic Hardship
As COVID-19 cases go up in the country, economic activity continues to slow down and everywhere, businesses are struggling to stay afloat. The government has rolled out a plan to assist micro, small and medium enterprises, but across the sector, larger companies are also feeling the pain and some are already facing bankruptcy. A and […]
Written on August 10, 2020 | Posted in
Economy,
People & Places |
Comments Off on A and R Free Zone Shutdowns
According to Urbina Junior, A and R Enterprises has seven branches across the country. The company employs over two hundred persons. If the country goes in another lockdown, A and R will be forced send home more employees and possibly close one or two of its branches. On the Phone: Rosendo Urbina Junior, Managing […]
Written on August 10, 2020 | Posted in
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People & Places |
Comments Off on A and R Enterprises Owner Considers Worst Case Scenario
Almost fifty thousand persons have applied for unemployment relief through the Government of Belize amid the COVID-19 pandemic. As part of the second phase of the programme, workers who have been laid off as well as self-employed persons who have lost their jobs and means of income are eligible for assistance. According to Doctor Carla […]
Written on August 10, 2020 | Posted in
Economy,
People & Places |
Comments Off on Phase Two of Unemployment Relief Commences
Financial assistance being provided for micro, small and medium enterprises, through BELTRAIDE, another of government’s COVID-relief initiatives, hasn’t been without its snags. According to Doctor Leroy Almendarez, Executive Director of BELTRAIDE, there were several glitches initially with the system being used to process business relief applications. Dr. Leroy Almendarez, Executive Director, BELTRAIDE “Initially what […]
Written on August 10, 2020 | Posted in
Economy,
People & Places |
Comments Off on Kinks with Financial Assistance for MSMEs are being Worked Out
Similarly, the Unemployment Relief Program, in its first phase, also ran into problems with the system being used. According to Doctor Carla Barnett, the biggest hiccup involved the inputting of information, including names and social security numbers, into the database correctly. Dr. Carla Barnett, Minister of State, Ministry of Labor “One of the biggest […]
Written on August 10, 2020 | Posted in
Economy,
People & Places |
Comments Off on Smoothening Out the Unemployment Relief Process
The economic downturn caused by COVID-19 continues to affect the business sector. The mainstay, the tourism industry, crumbled causing massive unemployment once the pandemic began to spread. Flights resume at the P.G.I.A. on August fifteenth, but recovery of the sector is unknown. Today, the government rolled out an economic plan, named the “Economic Recovery Strategy […]
Written on July 31, 2020 | Posted in
Economy,
Featured |
Comments Off on An Economic Recovery Strategy for Belize
The guest speaker at the Belize Chamber of Commerce and Industry’s AGM on Thursday night was Prime Minister of Barbados, Mia Amore Mottley. PM Mottley spoke on the challenges of COVID-19 – how it has shown to be the ultimate test of Caribbean nation’s development and capacity to respond. Mottley called on the business community […]
Written on July 31, 2020 | Posted in
Economy,
Featured,
People & Places |
Comments Off on Barbados PM Calls for United Front to Tackle the Pandemic
That statement was made this morning at a press conference when Prime Minister Barrow announced that government, through the Development Finance Corporation, DFC, is rolling out ten million dollars for on-lending to stakeholders in the tourism industry. Eligible businesses, small, medium and large, can access funds that have been sourced, in part, from the Caribbean […]
Written on July 29, 2020 | Posted in
Economy,
Featured |
Comments Off on DFC Introduces a Special Line of Credit for Tourism Stakeholders
According to Prime Minister Dean Barrow, so as to be able to lend the monies at a six percent interest rate, government has to subsidize one percent or one hundred thousand dollars of the ten million dollars being made available. Prime Minister Dean Barrow “In order to arrive at the six percent interest rate […]
Written on July 29, 2020 | Posted in
Economy,
Featured |
Comments Off on Government to Subsidize One Percent of DFC Loan Interest Rate
The DFC loans, says General Manager Natalie Goff, are to be used as working capital and part of the company or business’ eligibility requires that thirty percent of staff must be retained. The programme will be rolled out this Monday across the country and while the ten million dollars is not a large amount, the […]
Written on July 29, 2020 | Posted in
Economy,
Featured |
Comments Off on DFC’s General Manager Breaks Down Loan Programme
But the government coffers are not full and since introducing an initiative to raise thirty million U.S. dollars through treasury notes in early June, the Central Bank of Belize has raised a little over twenty million dollars. It is two-thirds of what is being sought locally so as to infuse much needed foreign exchange back […]
Written on July 29, 2020 | Posted in
Economy,
Featured |
Comments Off on T-Notes Stall at US$20M, Despite Interest from Taiwanese Government
A ten million U.S.-dollar loan motion was today approved by the Senate. The loan is from the OPEC Fund for International Development to provide financial support on concessionary terms to developing countries. The government has earmarked the monies for the continued food security for the poor and vulnerable population in Belize, under its ongoing Food […]
Written on July 29, 2020 | Posted in
Economy,
People & Places,
Politics |
Comments Off on Senators Debate US$10 Million Loan from OPEC
Responding to the criticisms and concerns was U.D.P. Senator Michael Peyrefitte. Peyrefitte told the senators that they failed to focus on the loan motion. Michael Peyrefitte, U.D.P. Senator “Mister President I wonder if some of the senators who got up to speak knw what this motion is about. This is a loan motion for […]
Written on July 29, 2020 | Posted in
Economy,
People & Places,
Politics |
Comments Off on Michael Peyrefitte Takes On the Critics
On the economic front, consumer prices were up by zero point two percent in June 2020, according to the latest bulletin published by the Statistic Institute of Belize. For the second consecutive month, food and non-alcoholic beverage category recorded a notable rise in prices, with an increase of one point four percent when compared to […]
Written on July 29, 2020 | Posted in
Economy |
Comments Off on SIB Releases Recent Economic Stats
The government, via the Lotteries Tender Panel, awarded Brads Gaming Group Limited a license to continue to administer the lottery for an additional ten years. The People’s United Party has criticized the decision, saying that, “Brad’s management of the Boledo/Lottery enterprise in past years has been the subject of widespread criticism along with allegations of […]
Written on July 29, 2020 | Posted in
Economy,
People & Places |
Comments Off on P.U.P. Senators Criticize Brads’ Multimillion Dollars Contract
Also brought before the Senate today was a supplementary budget for the current financial year. The motion appropriated several hundreds of thousands of dollars for different projects and initiatives including more than seven hundred thousand dollars for the Caracol Road project and one million dollars for Belize Telemedia Limited for its DigiLearn project. There are […]
Written on July 29, 2020 | Posted in
Economy,
People & Places,
Politics |
Comments Off on More Monies for Carocal Road, DigiLearn and Passports
The stalemate involving the Port of Belize and the Christian Workers Union continues tonight and another day went by without loading and unloading of cargo which means that the shrinking economy continues to be impacted. According to P.B.L. today, the union has rejected a proposal to settle the dispute through mediation. P.B.L. says that to […]
Written on July 28, 2020 | Posted in
Economy,
Featured |
Comments Off on Stalemate Continues Between P.B.L. and C.W.U.
The P.B.L. also welcomes the statement of the B.C.C.I. that was released earlier today. The Belize Chamber of Commerce is calling on the parties involved to go back to the negotiating table for a resolution to the ongoing dispute. B.C.C.I. states that the disruption of activities at the port is having a serious impact on […]
Written on July 28, 2020 | Posted in
Economy,
Featured |
Comments Off on B.C.C.I. Concerned About Implications of P.B.L.’s Closure
