October has come and gone and fuel prices remain relatively high despite continuous protest. As of October twenty-eighth, premium fuel retails at eleven dollars and ninety-two cents, compared to ten dollars and fifty-three cents after a price decrease was announced at the start of June. And after a crunching price rise for both regular and […]
They are the moving hands, rarely seen, in control of national economies and finance structures. Their word can determine how much a country receives for projects, chart investment and growth, and combat problems both expected and unexpected. They are the bankers…and under the regional Caribbean Centre for Money and Finance (CCMF) and Belize’s Central Bank, […]
The predicament that government now finds itself in, according to Senior Counsel Eamon Courtenay, is entirely the responsibility of PM Barrow, who privately negotiated the settlement of compensation package with Lord Michael Ashcroft in Miami in 2015. As for the monies that were set aside for charitable work in the name of Belizeans, only a […]
So, roughly eighty million U.S. dollars in ten days. It’s perhaps the biggest disbursement that government would have made in respect of the B.T.L. saga within such a limited span. To make matters worse, that hundred and sixty million Belize dollar payout is likely to impact the country’s financial reserves, as it represents approximately twenty […]
Prime Minister Barrow, following this morning’s decision, called a press conference this afternoon to address the judgment. While government will meet its obligations to Dunkeld and B.T.L. Employees Trust in their entireties, PM Barrow is not too happy with the outcome. He says that the CCJ verdict leaves a lot to be desired. The quantum […]
As we’ve reported, government’s attorneys made it a point before the CCJ that they would not accept the results of independent audits done on behalf of Dunkeld and the Employees Trust. The CCJ, in turn, flatly rejected government’s position to verify and agree to the liabilities only after being allowed to peruse relevant documents pertaining […]
The drawing down on seventy-eight million U.S. dollars from the Central Bank’s reserves at this time of year raises serious concerns. Will the local economy be adversely impacted by the withdrawal of such a significant sum within a nine-day period? According to PM Barrow, it should not be a cause for worry since the funds […]
The drafting of the settlement agreement between the Prime Minister and Lord Michael Ashcroft, as well as their respective attorneys, has been criticized as poorly put together. The CCJ bench has clearly stated the terms outlined in the agreement ought to have been fine-tuned, thereby preventing legal back and forth over the quantum, as well […]
This afternoon, the People’s United Party released a statement of its views on the judgment, which it calls an “absolute disaster” for Belize. It points out that the timing of the judgment comes in the run-up to the Christmas season, when demands on foreign reserves are highest, and warns that the Government must ensure that […]
Notwithstanding the exorbitant cost that the people of Belize have ultimately paid for B.T.L., PM Barrow maintains that it was all worth the money. That’s a hefty price tag of more than half a billion dollars. He says that under the previous accommodation agreement the then-privately owned company, in the hands of Lord Michael Ashcroft, […]
Prime Minister Dean Barrow promised a significant fuel price reduction at a press conference, but he asked for a couple days grace for it to happen. According to the Prime Minister, the fuel shipment was on its way from Venezuela. Effective Wednesday, regular gas prices are down sixteen cents, to ten dollars and thirteen cents […]
The loss of correspondent banking, also known as derisking, was a sticking point for Antiguan Minister of Trade, E.P. Chet Greene. His government has taken the lead for the Caribbean in exposing the effects of delinking countries from the international money chain. CARICOM member states, including Belize, have been adversely affected after U.S. financial institutions […]
Today’s session of the House of Representatives had a loaded agenda. Several bills were returned for second reading, including the Misuse of Drugs (Amendment) Bill decriminalizing possession of small amounts of marijuana. There were also new bills introduced, including the Petroleum Operations (Maritime Zone Moratorium) Bill imposing the moratorium on exploration for petroleum and other […]
Later, when the bill was brought up for debate on the second reading, Opposition Leader Briceño landed a telling blow when he brought up the extensive salary and benefit package for C.E.O. of Belize Telemedia Limited Rochus Schreiber. With the departures of top senior Belizean officials from the company in recent years – former C.E.O. […]
The Donald Trump administration has put restrictions on U.S. banks from doing business with the Bolivarian Republic of Venezuela and put the equivalent of ‘kingpin’ designations on President Nicolas Maduro and certain executives of the state-owned oil company Petroleos de Venezuela. So what does that mean for the prices at the pumps? Well, Prime Minister […]
At the time of the shutdown, there were many comments about those addicted to fry chicken and Sunday Lottery having to bring forward plans for Sunday, October first, when most Chinese-owned shops were not open. But a few others commented that with the Chinese-owned shops closed, there were precious Belizean-owned shops left to cater to […]
The response from the Government of Belize to protests over record gas prices came today with a statement announcing a decrease of eighty-four cents in Belize City for regular gas, taking effect at midnight. Protestors led by the Belize Leaders for Social Justice and including the top leadership of both the People’s United Party and […]
Earlier this week, the Belize National Teachers’ Union launched its documentary on the eleven days of strike they organized at this time last October. And while the Union never put that strike on hold, it is gearing up for a new fight. Citing the example of Jamaica, former president and first vice-president Luke Palacio said […]
During this morning’s protest on gas prices in Belize City, political leader of the Belize Progressive Party Patrick Rogers alerted us to a novel way that Mennonites in the West are obtaining diesel fuel from crude oil extracted by Belize Natural Energy. He says it’s an idea that government should consider in light of the […]
After reaching some of their highest levels this year, fuel prices are expected to moderate with the coming shipment of petroleum from Venezuela, as part of a restarted Petrocaribe program. Last week, Prime Minister Dean Barrow gave a lengthy explanation for the price increases, repeating blame on the sputtering Petrocaribe program and the impact of […]
Earlier this year, the Auditor General’s annual report for 2012-2013 cited multiple instances of irregularities in several government departments, particularly the Ministries of Works and Education and the Belize Defence Force. Another concerns monies lost by the General Sales Tax Department in respect of collections. The Belize City Council and Belize Maintenance Limited/Belize Waste Control […]
The International Monetary Fund in its latest country report noted that Belize remains affected by issues with correspondent banking. The IMF cites the withdrawal of correspondent banking relationships and low capital buffers as key risks to financial stability. As you would know, several local banks in Belize and small jurisdictions in the region lost their […]
A sign that the economy is sluggish can be seen by a flip of the pages of local newspapers. Weekly, there are long lists of houses and properties on the auction block since property owners are unable to meet respective mortgage payments and banks end up foreclosing on their accounts. The media asked Scotiabank’s Managing […]
As fuel prices skyrocket, the government is sticking to its guns that its share of taxes is not responsible for the steady increases in prices and is promising a reduction in the coming weeks though by how much is unclear. The Chamber of Commerce in its statement released on Wednesday, pointed to prices for premium […]
Fuel prices have increased as many as four times in two months; twice in August and twice in September. The surprise increase sneaked on Friday sent premium prices rocketing at eleven dollars and ninety two cents. According to our calculations, government is raking in more than five dollars in GST and environmental taxes per gallon […]
