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COVID-19 affected many businesses, including the town and city councils across the country; in Belize City, the revenue stream trickled as services came to a screeching halt, though CitCo provided some services virtually. But as the economy reopened, the revenue flow of the Belize City Council picked up. Mayor Bernard Wagner spoke to the media […]
Written on June 29, 2020 | Posted in
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Comments Off on The Financial Position of the Council as Recovers from COVID-19
In March, prior to the COVID-19 lockdown, the Belize City Council launched a ten-million-dollar municipal bond. Back then, it was announced, that the monies would be used to retire any existing debt, pay fees and expenses, reduce short-term financing costs and fund projects or activities within the city. Among those projects is the rehabilitation of […]
Written on June 29, 2020 | Posted in
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Comments Off on Series 1 of Municipal Bond a Success; 23 Streets to be Fixed!
A gastronomic event took place this weekend; it was a Foodie Expo that brought together persons in the food industry. It was staged at 501 Hub in Belize City on Saturday. Due to the lookdown and the closure of restaurants and food vending, these businesses have taken a hit, so the expo presented them with […]
Written on June 29, 2020 | Posted in
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The Belize City Council has embarked on a programme to assist new businesses. They are providing training and some equipment to assist businesses to get off the ground. The initiative, according to Belize City Mayor Bernard Wagner, will create employment opportunities to the many who have been negatively impacted by COVID-19. Here is News Five’s […]
Written on June 29, 2020 | Posted in
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Comments Off on A First Cohort of Entrepreneurs from the Belize Accelerator Program
On Friday, sparks flew in the National Assembly building during the Sitting of the House of Representatives when loan motions were tabled. One such involved the Caribbean Development Bank COVID-19 Emergency Response Support Loan motion of fifteen million U.S. dollars, presented by Prime Minister Barrow. The purpose of the loan is to provide funds to […]
Written on June 29, 2020 | Posted in
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Comments Off on Sparks Fly Over Loan Motions
At today’s sitting of the House of Representatives, four loan motions were tabled for approval, including the twelve million U.S. dollars from the I.D.B. for COVID-19 relief. The government had approached the I.D.B. for financial assistance for a programme to support minimum income levels for those affected by the coronavirus in the immediate period. A […]
Written on June 26, 2020 | Posted in
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Comments Off on Four Loan Motions Tabled in the House
Belize’s bondholders have formed a creditor committee which will work with the Belizean government after they were asked to agree to defer payment of interest on the thirteen million U.S. dollar bonds. Reuters is reporting that the “committee looks forward to engaging with the government to exchange views on the economic pressures that may constrain […]
Written on June 26, 2020 | Posted in
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Comments Off on Bondholders Form Creditor Committee to Consider Barrow’s Request
Prime Minister Dean Barrow also asked about the International Monetary Fund and why is it that the government did not seek the IMF’s assistance for COVID-19 relief in the first instance. Member countries have managed to receive tens of millions of dollars in rapid financing at significantly low-interest rates. Belize has applied but according to Barrow, […]
Written on June 26, 2020 | Posted in
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Comments Off on PM Barrow Comments on IMF Loan
Prime Minister Dean Barrow says that Belize Bank’s acquisition of Scotia Bank is consequential. Caribbean Investment Holdings, the parent company for the Belize Bank is buying out Scotia Bank at a cost of more than thirty million dollars. The transaction announced this Monday is before the Central Bank of Belize and that process can take […]
Written on June 26, 2020 | Posted in
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Comments Off on Barrow Says Belize’s Acquisition of Scotia Bank ‘Consequential’
The downturn in tourism activity has left stakeholders in a financial mess. During the Prime Minister’s Press Conference on Thursday, he was asked about the tourism sector’s need for capital to kick-start their operations as the country opens up back for tourism in August. PM Barrow says that while the initial line of financing of […]
Written on June 26, 2020 | Posted in
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Comments Off on Will Tourism Sector Get Financing Through D.F.C.?
The Prime Minister took a question not related to the reopening of the P.G.I.A. The government has raised twenty-two of the thirty million U.S.-dollar treasury notes needed to meet the overwhelming demand for foreign exchange. Earlier this month, Prime Minister Dean Barrow introduced the first-of-its-kind initiative via the Central Bank, as a means of addressing […]
Written on June 25, 2020 | Posted in
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Comments Off on 22 Million U.S. Raised So Far in Treasury Notes
Since Monday, we have been reporting on the pending acquisition of Scotiabank Belize’s assets by Caribbean Investment Holdings Limited. The Canadian Bank has been selling its branches in the region for some time now and like in other countries, the sale is a delicate situation that the Central Bank is charged to manage to ultimately […]
Written on June 24, 2020 | Posted in
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Comments Off on Does Scotiabank Purchase Change the Local Financial Landscape?
The completion of an agreement to purchase Scotiabank comes amid an economic crisis brought about by the COVID-19 pandemic. It is a sizeable investment being made in Belize at a time when there is grave concern and uncertainty about the health of the financial system. The negotiations began thirteen months ago and the deal is […]
Written on June 24, 2020 | Posted in
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Comments Off on Investing in Belize Amid Economic Crisis
Successfully closing a deal of this magnitude is a challenge in and of itself pre-COVID-19, but doing so at a time when there is financial uncertainty is an undertaking that requires special attention by the Central Bank. The imminent merger of Scotiabank and the Belize Bank in the months ahead will be followed closely by […]
Written on June 24, 2020 | Posted in
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Comments Off on Closing the Deal Despite Financial Uncertainty
The country is experiencing dwindling foreign exchange due to the economic downturn. Credit card spending is on a limit and importers say it has become increasing difficult to bring in goods and keep shelves stocked. Now as it relates to the acquisition of Scotia Bank, assurances have been given by the Central Bank that the […]
Written on June 24, 2020 | Posted in
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Comments Off on No Payment for Scotiabank to Come from Domestic Banking Sector
This evening, the Bureau of Standards issued a statement in response to reports of a shortage of premium fuel at fuel stations. Due to a decrease in fuel prices on Tuesday, the price of premium is now selling below the price of regular which triggered the spike in demand for the higher grade fuel. Premium […]
Written on June 24, 2020 | Posted in
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Comments Off on Shortage of Premium Fuel?
The Statistical Institute of Belize has released its latest figures for May, which was the second month of .of the corona virus lockdown. According to the S.I.B. higher food and home rental costs balanced out by fuel and LPG prices resulted in no overall change in the consumer price index when compared to the same […]
Written on June 24, 2020 | Posted in
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Comments Off on Statistical Institute of Belize Releases Latest Figures
The process of finalizing the sale of Scotiabank Belize to Caribbean Investment Holdings is several months away, as the Central Bank, as regulator of the financial sector, does it does its due diligence. Following the announcements by the two parties on Monday, the governor of the Central Bank, Joy Grant, provided assurances that the interest […]
Written on June 23, 2020 | Posted in
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Comments Off on Lord Ashcroft’s Change of Heart in Investing in Belize
In a recorded statement issued by the Central Bank of Belize on Monday, Governor Joy Grant stated that a detail and thorough assessment of the sale of Scotiabank to C.I.H.L. is being undertaken to ensure that all regulations are being complied with. Joy Grant, Governor, Central Bank “As the regulator, the Central Bank has […]
Written on June 23, 2020 | Posted in
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Comments Off on Central Bank Commences Review of Scotia Bank Purchase
The private sector continues to bring pressure to bear on government in respect of a comprehensive economic recovery plan amid the COVID-19 crisis. The resulting financial crisis has forced the closure of many small and medium businesses and there doesn’t seem to be a strategy in place for economic rebound. It is a concern that […]
Written on June 23, 2020 | Posted in
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Comments Off on Private Sector Pressures G.O.B. on Economic Recovery
An initial group of ten small business owners were hosted today and will be engaged in three days of training at City Hall in Belize City. Dubbed the Accelerator Program Training Session, the Local Economic Development Department of the Belize City Council is working with a total of twenty participants who will learn about the […]
Written on June 23, 2020 | Posted in
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Comments Off on CitCo Hosts a Training for Small Business Owners
Consumers can expect to pay more for one fuel and less for another effective this Tuesday. Premium gasoline will decrease by two dollars and sixty-nine cents to sell at eight dollars and twenty-three cents per gallon. It means that because of the dip in the price for premium, regular gasoline is more expensive. It currently […]
Written on June 22, 2020 | Posted in
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Comments Off on Premium Dips Lower than Regular Gas at the Pumps
On Wednesday, Financial Secretary Joseph Waight confirmed to News Five that Belize applied for a loan through the IMF at the eleventh hour and is at number eighty-eight on the long list of countries waiting for COVID-19 relief funding. According to Waight, the loan is small and comes with a low interest under the rapid […]
Written on June 18, 2020 | Posted in
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Comments Off on John Briceño Questions PM’s Wisdom on Treasury Notes Offer
Opposition Leader John Briceño also criticized the government’s move to request from bondholders to defer and capitalize the August interest payment of the superbond. If the bondholders agree to the capitalization, the interest payment will be added to the principal which in a way means that the total amount of interest owed on a long-term asset […]
Written on June 18, 2020 | Posted in
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Comments Off on John Briceño Says G.O.B. Kicking the Can Down the Road
It is no secret that the Government of Belize is in dire financial straits due to the economic downturn associated with the COVID-19 pandemic. On June fourth, government, in an effort to raise much needed foreign exchange, launched the first-of-its-kind treasury note in order to raise thirty million U.S. dollars. Earlier today, it announced a […]
Written on June 17, 2020 | Posted in
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Comments Off on Belize Seeks Relief on Payment of Super Bond
