Despite the prime minister being mum about specific tax increases, it is known that ministries will experience cutbacks in their budgets. Minister of Foreign Affairs Elrington confirms his ministry is being affected. Isani Cayetano “The Prime Minister has mentioned that there will be fiscal constraints by way of belt-tightening and what-have-you. In terms of […]
Back to the issue of the super bond…It’s restructuring has been balked at by the Opposition who criticize it as nothing more than smoke and mirrors. Reproach aside, when we caught up with the Minister of Foreign Affairs Wilfred Elrington today, he told us that Belizeans should all be breathing a collective sigh of relief, […]
The People’s United Party has offered a quick response to Wednesday’s analysis of the restructuring of the Superbond by the Prime Minister. P.U.P. Leader John Briceño says that it isn’t really a restructuring at all. The result of the U.D.P.’s abject failure to stimulate the economy, protect jobs and investments and think smartly about decisions […]
Briceño was joined by attorney Christopher Coye to explain the implications for Belize’s economy. The Prime Minister insisted on Wednesday that Belize would never enter into any stand-by arrangement, much less a full program, with the International Monetary Fund while it is in charge. But it remains a possibility, especially with the looming spectre of […]
PM Barrow is on record stating that as long as he is head of cabinet, government will not pay a single cent towards the US judgment recently handed down in favor of Ashcroft group of companies by the United States Supreme Court. It’s a position he repeated at Wednesday’s press conference. In fact, Barrow has […]
According to the Prime Minister, it appears that Lord Michael Ashcroft finds himself in a jam as a result of the recently passed legislation. In an effort to recover the amounts owed under the U.S. judgment, Barrow says anecdotally that there has been a proposal to cover these, in part, using Belizean currency. Prime […]
Deputy Prime Minister Patrick Faber has his eyes set on becoming leader of the country. To achieve that dream, he will first have to succeed in representing the United Democratic Party heading into the 2020 general elections before defeating the opposition’s candidate at the polls. While the Super Bond doesn’t reach maturity until ten years […]
Since Friday, there was indication that the creditor committee representing bondholders had accepted the latest offer by Government for the restructuring of the Super Bond. Prime Minister Dean Barrow this morning provided specific details of the proposal where payment towards the national debt should see an interest rate that sits below five percent per annum. […]
Government did not meet the February payment in light of the ongoing restructuring. And according to the Prime Minister, the big saving is in the amortization, which was set to increase in August of this year. However, government says it has been able to curtail as much as eighteen million dollars annually from the coupon […]
Going forward, government will make repayments on the principal. It will, however, have to make five soft bullet payments leading up to the maturity of the bond in 2034. Those payments are expected to be made as of 2030. Prime Minister Dean Barrow “For the entire life of the bond all we will pay […]
The People’s United Party was quick to respond to the Prime Minister’s latest press conference calling it nothing more than a ‘smoke and mirrors’ presentation. According to the release, Barrow and his anointed financial pundits spent much time today lauding themselves for what is nothing more than an attempt to clean up the U.D.P.’s own […]
Turning back to the Super Bond, the proposed sale of shares in B.T.L. and B.E.L. also caught the eyes of bondholders during the renegotiation process. According to PM Barrow, creditors wanted in on the profits by including those proceeds in the Super Bond. It is a move that was similar to a request made in […]
According to the Prime Minister, the involvement of the I.M.F., as a condition of the proposal being approved, is nothing earth-shattering since government meets with the financial agency annually to review Belize’s economic performance. Prime Minister Dean Barrow “People don’t seem to understand that we have agreed that if we don’t meet certain targets […]
Financial Secretary Joseph Waight has also weighed in on the successful outcome of the Super Bond renegotiation. He spoke directly to the need for additional tax measures to be implemented. While there will be no increases in tariffs for businesses, nor will there be taxes on the wage bill, the Fin Sec says that government […]
Belize and holders of the Superbond have hammered out an agreement to restructure the terms of the notes for the third time in a decade. After months of negotiations, a committee representing the majority of bondholders has endorsed a revised proposal from Belize that reduces the interest rate on the note and shortens its maturity. […]
In its daily news release, the Government gives all credit to the Prime Minister for cutting a deal which it say puts the country in a much better position to be able to service the debt. A press conference by Prime Minister Dean Barrow to provide further details, but Government is already saying savings will […]
The cost of fuel has increased for the second time in less than one week, particularly for premium fuel. At midnight Friday, a nineteen-cent increase went into effect for premium fuel. This takes the price from ten dollars twenty-five cents to ten dollars forty-four cents. This followed a one-cent increase for diesel to nine dollars […]
We begin with breaking news. Just before news time, the Central Bank of Belize released a statement confirming major and extensive revisions to the Government of Belize’s proposal to restructure the Superbond and extending the expiration date for the Consent Solicitation Offer originally issued on January twelfth. This was followed by a release by the […]
The Belmopan City Council is looking for investors for its six-point-five million dollar municipal bond. They are hoping to do some major works and upgrades in the Capital – but need business owners and residents to buy into the bond. The start interest rate is one of the best – better than lending institutions. And […]
Earlier this week, the Government of Belize announced deferral of the coupon payment of almost twenty-six million Belize dollars to holders of the Belize 2038 Bonds. Officially, the plan is to continue seeking an agreement with the bondholders, and on Thursday, the Government moved to extend the period during which holders of the bond may […]
Turning to the current state of the economy…Lord Michael Ashcroft says that Belize has not shown the promise engendered by the various monies spent here over the last decade or so, particularly the Petrocaribe monies which he said were “squandered.” But the bigger concern for him is as an investor – and one that has […]
The unpaid national debt that looms over Belize’s fragile economy continues to be a matter of concern in various sectors, including the business community. On Thursday, the Belize Chamber of Commerce and Industry sent out a release addressing a number of issues pertaining to the upcoming fiscal budget, as well as the present economic situation, […]
A News Five team is in Washington where an exclusive interview was conducted earlier today with Lord Michael Ashcroft. A number of issues of national importance were discussed during the lengthy dialogue, including recent judgments on the outstanding arbitral awards, as well as the ongoing Super Bond negotiations. Since the prime minister’s return from New […]
Lord Ashcroft also commented on the possible privatization of the utility companies. In his view, while it will be difficult to get investors to purchase minority shares; the sale of utilities can be an opportunity for a solution to the Super Bond issue. Lord Michael Ashcroft “Would you invest in a company that is […]
Government’s inability to make the twenty-six million dollar Super Bond payment that became due on Monday comes as no surprise to the Opposition. In fact, default on the debt obligation was anticipated, according to P.U.P. Party Leader John Briceño, who says that bold assertions made by Prime Minister Barrow back in 2012, of having fixed […]
