Home » Economy Featured Miscellaneous People & Places Politics
You are currently browsing entries filed in: Economy Featured Miscellaneous People & Places Politics
The committee of creditors for the Belize 2038 Bonds or Superbond’s outright rejection of the Government’s first offer for a drawn-out period of interest payments at reduced percentage followed by three “bullet” principal payments has not surprised many. But apparently, the Government itself is not fazed, following the tough negotiations that took place in 2012 […]
Leader of the Opposition John Briceño, however, has a different take. He says that he is not surprised that the bondholders would reject the proposed restructuring of the superbond because PM Barrow failed on his commitments in the terms of the 2012 superbond restructuring agreement. Briceño says the Barrow Administration guilty of mismanagement, incompetence and […]
According to Briceño, the prime minister failed to take note of the stipulations of the 2012 superbond agreement, which states that if government was to default, it has to pay an eleven percent penalty on the five hundred million plus U.S. dollar debt. Briceño says that would cost Belize an additional hundred million dollars. The […]
It didn’t take the Bondholder Committee appointed last week more than seventy-two hours to say no to Belize’s offer for a restructuring of the terms of the 2038 U.S. Dollar Bonds or the Superbond. The committee today called the offer “premature,” considering that it seeks consent from a committee who will not give it and […]
Written on January 17, 2017 | Posted in
Economy,
Featured |
1 comment
The Committee is not advocating a particular solution, preferring to negotiate with Belize on the basis of debt relief in the medium-term. It wants a strong and credible medium-term program of fiscal and structural adjustment to promote economic growth and reduce crisis risk; and reasonable mechanisms to assure that the adjustment program will be delivered. […]
Written on January 17, 2017 | Posted in
Economy,
Featured |
No comment
Will Prime Minister Dean Barrow’s words in the House of Representatives on Friday, threatening “economic war” if Caribbean Investment Holdings Limited and Belize Social Development Limited attempt to collect on arbitration awards upheld by the U.S. Supreme Court for more than fifty million U.S. dollars by seizing Belizean assets, come back to haunt him? While […]
Written on January 17, 2017 | Posted in
Economy,
Featured |
1 comment
Holders of the Belize 2038 Bonds, also known as the Superbond, are considering Belize’s offer to amend key points in the package, which was made as of Thursday. Interest on the Superbond is offered to be cut from as much as six point seven-six-seven percent starting in August, a step-up from five percent annually, to […]
Written on January 16, 2017 | Posted in
Economy |
No comment
It is widely speculated that the budget for the new financial year will contain increase taxation due to the current economic crunch. The country is in recession and facing debts that grow by leaps and bounds. Today at a protest outside the National Assembly, B.P.P. Leader Patrick Rogers, who is a professional accountant, provided some […]
Bank of New York Mellon, trustee for Belize’s five hundred and thirty million U.S. dollar “Superbond”, has formally approved and recognized a bondholder committee to talk to the Government of Belize about restructuring the package for the third time in a decade. According to Reuters, Funds including Greylock Capital Management and Grantham Mayo van Otterloo […]
If you’ve exhausted your supply of butane baking cakes and hams during the Christmas Season and you’re waiting for payday to refuel to your gas tanks then you’re in for quite a surprise. As of Wednesday the cost of liquefied petroleum gas, LPG, is going up. The new controlled price per hundred pound cylinder in […]
Written on January 10, 2017 | Posted in
Economy,
Miscellaneous,
People & Places |
No comment
The Government of Belize is on the hook for approximately one hundred and twenty million dollars after the United States Supreme Court today declined to hear the petitions for review of two judgments against G.O.B. – one in favour of Belize Social Development Limited (B.S.D.L.) and the other in favour of Caribbean Investment Holdings Limited, […]
Written on January 9, 2017 | Posted in
Economy,
Featured |
1 comment
Government will have to find a hundred and twenty million dollars even as Superbond renegotiations take place. But is Belize closer to obtaining debt relief from the Belize 2038 Bonds, also known as Superbond Three Point Oh? Credible information to News Five is that the Consent Solicitation to bondholders will be launched on January twelfth, […]
Written on January 9, 2017 | Posted in
Economy,
Featured |
No comment
The Prime Minister’s annual New Year’s message is being aired elsewhere in this newscast. PM Barrow highlights the achievements of his government throughout the course of the calendar year and also sheds light on various socioeconomic challenges. While 2016 has had its ups and downs, the past twelve months have seen a contraction in the […]
The highlights of the message also include a recap of several achievements by way of social reform, particularly the appointment of the Integrity Commission, the signing of the United Nations Anti-Corruption Convention and a date being set for the Thirteenth Senator Law; all points that were demanded by teachers during their strike in October. […]
Will your light bill go up on New Year’s Day? No, but we can tell you that it will not go down either. According to power provider Belize Electricity Limited, it has recommended to the Public Utilities Commission that the mean or average electricity rate for all categories remain at just under thirty-seven cents per […]
Written on December 19, 2016 | Posted in
Economy,
Miscellaneous |
No comment
Among the bills considered by the Senate today is the Treasury Bill (Number Three) Amendment Bill, which juggles the limits that Government can raise on treasury bills and treasury notes. There is a net increase of a quarter billion dollars which should adequately cover the second B.T.L. Arbitration Award payment. But it brings its own […]
Will there be a tax increase in the upcoming 2017 fiscal budget? In light of grave economic conditions, the possibility of a hike in existing taxes is very real. Today, the question was put to the prime minister bluntly and he responded by saying that government’s focus will be on trimming the fat, as opposed […]
Written on December 13, 2016 | Posted in
Economy |
1 comment
The prime minister’s health aside, the call to New York was for the three-man team, including Economic Ambassador Mark Espat and Financial Secretary Joseph Waight, to sit down with government’s advisors. The meeting with representatives of Citigroup Global Markets and Cleary Gottlieb Steen and Hamilton was to ensure that they were all on the same […]
Written on December 12, 2016 | Posted in
Economy,
Featured |
No comment
On Friday, News Five spoke with Charles Blitzer, special advisor to the Belize Coordinating Committee. During that interview he disclosed that bondholders have pored over government’s recent postings on Central Bank’s website and that they are studying those figures carefully. While those online messages reflect poor economic conditions, there are serious concerns as to whether […]
Written on December 12, 2016 | Posted in
Economy,
Featured |
No comment
Prime Minister Dean Barrow returns home this weekend following meetings with bondholders in New York to negotiate a third restructuring of the Superbond. Reports of Belize’s gloomy economic outlook have factored into the discussions and bondholders are paying close attention to proposed measures by government to steer the country through the recession. Earlier today, News […]
The Christmas Cheer was introduced by the Barrow Administration to U.D.P. ministers, caretakers and other political officers. Thousands of dollars from the public purse were also disbursed, albeit disproportionately to opposition parliamentarians, as a Christmas Cheer. The monies are said to have been drawn down from the bountiful Petrocaribe Funds. But Petrocaribe has dried up […]
The Central Bank today issued an official Government statement inviting comment from bondholders on possible structures for amending the financial terms of those instruments in order to put the Bonds on a sustainable footing. The next payment of thirteen million Belize dollars is due in February, but as we have reported, a step-up coupon due […]
Written on December 6, 2016 | Posted in
Economy,
Featured |
No comment
There are no hams and turkeys to be given away this year, at least not from your local area representatives. That’s because the annual Christmas Cheer Program, a Yuletide feature where the Barrow administration gifts thousands of Belizean families with poultry, pork and a little spending money, has been suspended. In the past, government has […]
Written on December 6, 2016 | Posted in
Economy,
Miscellaneous,
People & Places |
No comment
Prime Minister Dean Barrow is tonight in New York City where discussions are taking place on the restructuring of what is known as the Belize Superbond 3.0, by all accounts an unprecedented exercise. News Five has obtained a copy of a presentation that G.O.B. will rely on to convince bondholders. It presents a grim picture […]
Written on December 5, 2016 | Posted in
Economy |
Comments
A consignment of fifty thousand pounds of green hams remains in quarantine at the western border after being detained sometime last week by the Belize Agricultural Health Authority. The origin of the shipment of uncured meat has not been confirmed, however, it is reported that the container was turned back from Ecuador prior to being […]
Written on December 2, 2016 | Posted in
Economy,
Featured |
1 comment
