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Briceño’s premise hinges on the fact that the owners of the bond have put in place stringent conditions that, should government fail to pay the interest, taxpayers will be saddled with additional penalties. All things considered, the state of the economy, when factored into the existing predicament, also paints a rather gloomy picture. Briceño maintains […]
Deadline for the payment of approximately twenty-six million dollars towards Belize’s consolidated billion dollar debt, collectively known as the Super Bond, has elapsed. That closing date is today and government, despite a recent trip by Prime Minister Dean Barrow to New York City to meet with representatives of bondholders, has not met its obligation. That’s […]
Written on February 20, 2017 | Posted in
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While the Super Bond is very much a pressing issue, the Barrow Administration is also preparing for its annual budget presentation, ahead of the 2017 fiscal year. Described by Prime Minister Barrow as a mild recession, there are serious concerns about Belize’s economic stability, particularly the very real possibility of tax increases. The idea, says […]
Written on February 20, 2017 | Posted in
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Turning to economic news…Belizeans await the return of Prime Minister Dean Barrow from New York City, where he is meeting with Belize’s legal and financial team over the Superbond. But it is not looking good for the third restructuring of the superbond and there is a likelihood that Belize will default in the February payment. […]
The Caribbean Local Economic Development (CARILED) project closed off its first phase after almost five years in Belize. The project uses Local Economic Development as a participatory process to bring communities and other groups to form partnerships with the leadership of local government. By bringing together these bodies local economic activities are stimulated, leading to […]
Written on February 17, 2017 | Posted in
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Prime Minister Dean Barrow is headed to New York City again on Superbond business. The Government last week extended the time for response to its consent solicitation offer to February twenty-fourth, 2017, four days past the due date for the interest payment due on the current iteration of the U.S. five hundred and thirty-seven million […]
Written on February 14, 2017 | Posted in
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Senior Counsel Andrew Marshalleck has been advising the People’s United Party as its legal adviser on the question of the Central Bank (International Immunities) Act and Crown Proceedings (Amendment) Act, passed in the National Assembly at the end of January. The former was intended as a further shield to the national reserves from the assault […]
The Opposition People’s United Party did not expect to be consulted by the Government, as they have the social partners, for ideas on how to fix the shortfall in the 2017-2018 budget due in March. But that doesn’t mean they don’t have ideas of their own. For months, the P.U.P. has railed about the Government’s […]
On Friday, consultations with the trade unions and civil society on the General Revenue and Appropriations Bill or the Budget took place, succeeding talks with the business community on Thursday. After three hours at the Biltmore, Financial Secretary Joseph Waight emerged to speak to the concerns raised by both social partners. News Five’s Aaron Humes […]
Written on February 13, 2017 | Posted in
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Try though they might, Financial Secretary Joseph Waight was typically blunt in speaking to reporters today at the conclusion of consultations on the budget with the unions. And Belizeans should get ready for possible increases in taxes – it is something, he said, that is “inevitable.” But where will Government look to for possible increases […]
The Government of Belize has once again extended the Consent Solicitation Offer to bondholders for its terms on the proposed re-negotiation of the 2038 Belize Bonds or Superbond. The offer now expires on the twenty-fourth of February. Financial Secretary Joseph Waight told us that discussions continue and the Government it will make progress – perhaps […]
News Five has seen a copy of the Government’s working document for its ongoing budget consultations with the trade unions, civil society and the business community. It proposes an increase in revenues of up to two percent of G.D.P., on top of the one point five percent obtained last year through increases in import duties […]
Another concern for the business community is the size of Government’s wage bill, bloated by three years of salary adjustment for teachers and public officers, which is now sitting at two-thirds of the expenditure of the administration. While not calling for something as drastic as retrenchment of public officers, Lizarraga tells us serious consideration must […]
The Chamber of Commerce and Industry and the Belize Business Bureau have proposed a raft of ideas to help fix Belize’s economy, including emphasizing economic growth, reducing leakages and holes in tax collection, and righting the Government ship. But despite Government’s noises about change, are they really serious? We asked Senator Mark Lizarraga for his […]
As we told you earlier, the trade unions and civil society took their turn with the Government’s budget team today at the Belize Biltmore Plaza hotel. At its end, the interim president of the National Trade Union Congress of Belize, Jacqueline Willoughby, discussed the union’s stance on planned tax increases and where the Government can […]
Written on February 10, 2017 | Posted in
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In making arguments against the Central Bank (International Immunities) Act, Senator Eamon Courtenay said on January thirtieth in the Senate that Belize did a similar thing to the Accommodation Agreement and Settlement Deed in waiving immunity in court proceedings to the New York County or Manhattan courts. But while conceding that that was standard for […]
Written on February 10, 2017 | Posted in
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The Government has once again extended its offer to bondholders for a renegotiated 2038 Superbond. On Friday, it announced that the offer remains open until this coming Friday at five p.m., New York time. When it was opened in January, the original Consent Solicitation Offer included a reduction in the interest rate to four percent […]
Prices for all forms of gasoline – regular, premium and diesel – are up again following a slight reprieve lasting a little over a week. News Five understands that after several weeks of prices for regular and premium gasoline being the same, the price of the latter has shot up past ten dollars, with the […]
Written on February 3, 2017 | Posted in
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In the run-up to the presentation of the General Revenue and Appropriations Bill, also known as the Budget, in March; there will be planned consultations with civil society, the business community and others coming up. Prime Minister and Minister of Finance Dean Barrow and his Minister of State, Doctor Carla Barnett, have spoken of “re-balancing” […]
Written on January 31, 2017 | Posted in
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Thursday evening saw the time elapse for Belize’s consent solicitation offer to holders of the Belize 2038 U.S. Dollar Bonds, aka the Superbond. But the Government has confirmed that the offer, which was roundly rejected by bondholders, has been extended to five in the evening on Friday, February third – a week from today. They […]
The Statistical Institute of Belize has released figures for December 2016. From that information, it comes as no surprise that consumer prices were up by one point one percent. That figure is compared to the same period in 2015. The transport index increased by nine point nine percent and remained the key contributor to the […]
Written on January 26, 2017 | Posted in
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You can say it’s common knowledge that the bondholders of Belize’s international debt, known as Superbond 3.0, rejected a third restructuring proposed by the Government of Belize. G.O.B. is now seeking to avoid further credit risk and strengthen Belize’s economy. But will the government turn to retrenchment and increased taxes, as proposed by the International […]
The General Revenue and Appropriations Bill is scheduled to be presented and debated in March. The Opposition and certain corners have made dour predictions that in light of the continuing economic recession, the Government will have no choice but to raise taxes and fire public officers. Prime Minister Dean Barrow and others have gone on […]
Re-negotiation of the Belize 2038 Bonds or Superbond has bogged down some, following the summary rejection of the Government’s consent solicitation by bondholders last week. The Government is now seeking to respond to the bondholders’ dictates with regard to avoiding further credit risk and strengthening Belize’s economy – with a possible dose of medicine from […]
Last week, News Five went on the hunt looking for answers as to why regular and premium gasoline happened to be the exact same price in Belize City: nine dollars and ninety-one cents. Prices have stabilized somewhat after a series of hikes in early 2016, caused by Government increasing import duties to combat a fifty-million-dollar […]
Written on January 24, 2017 | Posted in
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