There are two cases of COVID-19 in Belize, but the deadly virus is already having a toll on the way of life. It is an enemy that attacks everyone from rich to poor from reds to blues; across the landscape, the people are all vulnerable to the contagious virus for which there is no cure. […]
The Statistical Institute of Belize has released its most recent figures as it relates to the Consumer Price Index and External Trade Bulletin. Last month, consumer prices increased slightly, as the cost of airfare, school fees and home rentals went up by zero point four percent. Conversely, food and LPG prices were down. When compared […]
Financial institutions stand ready to work with their respective customers during this time of economic catastrophe. The Central Bank of Belize, led by Governor Joy Grant, has been instrumental not only in securing funds for relief but also for working with commercial banks to lower their interest rates during this period. According to Grant, most […]
Prior to this afternoon’s press conference, there had been persistent hearsay on social media that the prime minister would be bringing into effect a countrywide lockdown in attempting to mitigate the possible spread of coronavirus in Belize. At the start of that media briefing, PM Barrow made it clear to the nation that there will […]
According to PM Barrow, should a countrywide state of emergency become imminent, citizens must not panic. In the case of such eventuality, the prime minister says that the national taskforce, the second arm of government’s response to the COVID-19 crisis, is already putting together a plan of action that will be implemented to ensure that […]
As the nation braces for a crisis provoked by the COVID 19, several measures were announced today at a press conference by the national Oversight Committee, to ease the pain on Belizeans and quell uncertainty caused by the threat of the spread of the virus. Financial expert Doctor Carla Barnett, one of two economic czars […]
Belize’s economic performance in light of the existing crisis is very poor and it will take months for the country to rebound from the doldrums of COVID-19. Gross domestic product, or GDP, will undoubtedly plummet as a result of the massive economic shock. Exacerbating an already dismal situation is the fact that many in the […]
With prices for crude oil dropping on the international market, kerosene prices will go down at the pump at midnight tonight. The Ministry of Finance says the price for kerosene will decrease by one dollar and nineteen cents to now retail at five dollars and forty-three cents per gallon. Diesel went down this week to […]
Reports surfaced this morning that the Michael Finnegan Market was closing down. The information online suggested that vendors were all leaving at midday because the market would be shutting down. Well, the long and short of it is that the market is not being closed but many vendors are closing their stalls and going home. […]
A Special Sitting of the Senate took place today in Belmopan for senators on both sides of the aisle to approve the General Appropriations Bill 2020-2021. When it went to the House, there was no debate and the budget was expeditiously passed. Included in the billion-dollar budget for the new fiscal year is twenty-five million […]
Social partner senators Mark Lizarraga and Elena Smith, along with U.D.P. Senator Doctor Carla Barnett, also shared their views on certain sections of the Prime Minister’s budget. Senators are calling for a complete redo of the budget in light of COVID-19. Mark Lizarraga, Senator for Private Sector “Let’s talk a little bit about the […]
The novel coronavirus has caused the prices for crude oil and fuel to plummet in the international market. Some pump stations in the U.S. have lower prices to as much as ninety U.S. cents per gallon. Here in Belize, consumers can expect a little ease in their pockets. At midnight tonight, the pump price for […]
The coronavirus crisis continues to have far-reaching financial consequences in all sectors of the economy, including the commercial free zone in Corozal. While most of the attention has been focused on the tourism industry, today business at the CFZ has ground to a complete halt and hundreds of workers employed by those businesses have been […]
There is some good news from the private sector and that is that commercial banks are offering packages to customers who are facing hard times ahead. The banks are extending financial assistance programmes to customers. The Belize Bank package includes a moratorium on loan instalments, reduced loan payments, free waiver or loan payments and other […]
In Belmopan this morning, the Leader of the Opposition John Briceño responded to the budget for the new financial year. There was no debate since the threat of COVID-19 is affecting just about every sector, including the House of Representatives where the rule of social distancing is being observed. The gallery was also devoid of […]
Several pieces of proposed legislation were introduced in parliament today, notwithstanding the primary focus of the sitting being an aborted budget debate. Before we get to those bills, the Prime Minister announced that all government ministers have decided to forego a month’s salary to be contributed towards funds to combat the COVID-19 threat. Prime Minister […]
Belize’s economy is heavily dependent on tourism so that the looming COVID-19 is presenting major shocks to the industry. The Philip Goldson International Airport remains open, but the number of flights and passengers are dwindling. Hotel cancellations are fast and furious and cruise ships are not calling on port. Businesses all over are scaling down […]
As part of its bipartisan approach in tackling the COVID-19 threat, the government and the opposition have each chosen a financial expert to oversee the expenditure of some seventy-five million dollars in relief. Senator Dr. Carla Barnett, who is presently the Minister of State for Labour, is government’s choice, while attorney Christopher Coye, who is […]
With a combined half-a-billion U.S. dollars in foreign exchange, there is enough cash between the commercial banks and Central Bank to cover roughly fifty percent of all projected imports for this year. In the context of the coronavirus, even if those monies were spent on the importation of food and other necessities to survive for […]
The economic ramifications from the corona virus is a major concern so on the issue of an interim tax break, another working group will be put together in the days ahead to examine various options of tax relief. There is a possibility that the existing nine percent tax being paid to B.T.B. will be halved. […]
A number of events are being cancelled to minimize the risk of the corona virus. This afternoon, it was confirmed that the House debate on the budget which normally lasts for two days, has been cut down to one day. It takes place this Thursday, March nineteenth, since the Appropriation Bill needs be passed in […]
Price gouging amid the new coronavirus threat that looms large over the country has prompted government to amend the Supplies Control Regulations via Statutory Instrument Number Thirty-three of 2020. The additional piece of law establishes a maximum percentage increase on the wholesale and retail prices of general sanitizers and cleaners. These guidelines cover major categories […]
Along with an unwarranted price hike in the cost of sanitizers, is a tendency for consumers to stack up on large quantities of toilet tissue. That trend has become evident and is driving up demand for toilet paper. While prices are currently unregulated, there is concern that should COVID-19 be confirmed in Belize, the cost […]
Belize City Mayor Bernard Wagner was upbeat today saying that belt tightening has turned around the finances of City Hall. According to the mayor, collections improved significantly and expenditures went down, all resulting in a healthy financial picture. At a press conference this morning, the mayor also said that now that the council is in […]
The Belize City Council is also planning to launch its own municipal bond in the days ahead. On March sixteenth, Mayor Bernard Wagner and his team will formally roll out a short-term bond, an iteration which he promises to be more creative than the initial certificate. The bond, we note, has been in the making […]
