Last week the Opposition People’s United Party declared Belize’s foreign reserves to be in “crisis” mode following the payment of sixty-seven point three million U.S. dollars as the first of two payments to Dunkeld International Investments and B.T.L. Employees’ Trust in satisfaction of the settlement agreement made by the Permanent Court of International Arbitration and […]
Western Union and MoneyGram enjoy much usage in Belize as a means of sending and receiving money quickly and reliably and even cheaper. Of late there have been persistent reports that Belizeans have found a way to get around the issue of a shortage of US dollars. Some seeking U.S. currency are bypassing using local […]
Before taking up her position as Governor of the Central Bank, former Senator and Ambassador Joy Grant was Director of the Financial Intelligence Unit. Today, the Governor General confirmed the appointment of her replacement, Kent Clare. He takes office as of October eleventh, 2016. Clare was most recently Commissioner of the Income Tax Department. That […]
Faster collection of your pay? Quicker cheque-cashing and depositing? Shorter stay at the bank, or not having to go at all? If you think it’s all a dream, then wake up and open your eyes, because it’s here and it’s happening as we speak. As correspondent Aaron Humes reports, today the Central Bank has introduced […]
Belize continues to stand shoulder to shoulder with its Central American and Caribbean neighbours on tackling the issue of de-risking that is affecting the economies. There has, however, been little progress made despite long months of lobbying. We got an update from Central Bank Governor Joy Grant this morning. Joy Grant, Governor, Central Bank […]
While early versions have existed since antiquity, the first modern cheque was introduced in 1659. And while it continues to be an important source of handling money, it is rapidly being phased out in many countries. Could Belize be next? With the advent of the Automated Payment and Securities Settlement System, the Deputy Governor of […]
Minister of State for Finance; former Financial Secretary, and former vice-president at the Caribbean Development Bank, Doctor Carla Barnett, addressed reporters on Friday on the current state of the economy. The country has just completed its Article IV consultation with the International Monetary Fund (IMF), which continues to call for cuts to the wage bill, […]
Speaking more specifically on raising taxes, Doctor Barnett reiterated that the Government’s efforts are presently aimed at increasing the level of outstanding taxes it collects and closing loopholes in the system before it resorts to raising them. Dr. Carla Barnett, Minister of State, Finance “Let me put it this way. There is a need […]
While the contingency plans that we previously reported on are not yet ready, Minister Faber says he hopes that it will not get that drastic. But there is already interest in a roster of replacements. Patrick Faber, Minister of Education “We do have teachers who meet this bill; we do have people who are […]
Since Bradley took office in 2012, the council has made it a practice to open up its books for audit. It regularly makes that audit available to the public as part of its strategy for good governance. This year’s audit is underway and Mayor Bradley spoke about it to us today. Darrell Bradley, Belize […]
Last week, the Prime Minister confirmed to the nation on Independence Day that the country is in recession. Within days of that pronouncement, the IMF issued its latest report on Belize in which it speaks of dire economic conditions and recommends more taxes and a reduction of the wage bill. The IMF states that GDP […]
The People’s United Party has been hammering Government on the B.T.L. deal, stating that Belizeans must find five hundred and fifty seven million dollars for a company worth about one hundred million dollars. Today, in advance of Thursday’s return to the Caribbean Court of Justice to settle the dispute over whether payments should be made […]
As we reported on Thursday night in our interview with Prime Minister Dean Barrow following a meeting with the Belize National Teachers Union, he appeared not to be concerned by the one hundred and fifty million dollars in domestic borrowing the Government must undertake to repay the former owners of Belize Telemedia Limited for the […]
Still on finances….this week we learned that Belize faces greater than ever economic strain, due to the expanding debt issues the country faces. Not the least of these is the Superbond, which sees a step-up in payments due next August. On Independence Day the Prime Minister promised he would have a solution before he leaves […]
Tuesday’s hearing at the Caribbean Court of Justice addressed a number of issues with regard to the Settlement Agreement for Belize Telemedia Limited, including the issue of paying back the former owners of the telephone company, represented by Dunkeld International Investments and the B.T.L. Employees Trust, in U.S. dollars. The attorneys for Dunkeld and the […]
But aside from the B.T.L. arbitration award, there are other outstanding cases before international courts. Belize stands to lose another significant sum based on the decision of the most powerful court in the United States. Financial Secretary Joseph Waight gave us the details on Tuesday. Joseph Waight, Financial Secretary “There are three arbitration awards […]
The so-called “Superbond” was restructured in March of 2013, a year after Prime Minister Dean Barrow won a second term mainly on his pledge to do so. It’s now been three and a half years and so far, Belize has made all its interest payments. But beginning about this time next year, according to Financial […]
As we reported on Wednesday, bus fares unexpectedly went up in for commuters travelling westbound on Westline, Guerra’s, B.B.O.C. and J and J. The hike in price was as much as fifty cents putting a huge dent on the pockets of travellers. But as it turns outs, the increase was not sanctioned by the proper […]
The Statistical Institute of Belize (S.I.B.) reports a continued slowdown in economic activity for the second consecutive quarter. The agricultural sector registered a decline and the good news came from the tourism industry. The stats are part of a battery of economic statistics released at their quarterly press conference in Belize City this morning. Correspondent […]
Rises in fuel and house rent prices are behind the average rise in the consumer price index, commonly known as inflation. Prices are up one percent from last July and point six percent through the first seven months of the year, according to statistician Angelita Campbell. Angelita Campbell, Statistician II, Statistical Institute of Belize […]
Meanwhile, trade contracted, with imports and exports down sharply. Statistician Tiffany Vasquez says that exports are on the decline for most major agricultural products. Tiffany Vasquez, Statistician II, Statistical Institute of Belize “In the period January to July of this year, Belize’s imports were valued at one point one billion dollars, down three point […]
The last Business Establishment Survey conducted by the Statistical Institute of Belize was done ten years ago. This past May some four thousand one hundred businesses were polled about their location, plans, development and business models. The full statistics will be issued later this year but from the preliminary reports, businesses operating in the primary […]
The two-stage survey also looked at the distribution of employment among the businesses surveyed. The most recent rate of unemployment is about eight percent and has been trending down for some time, but most businesses can be categorized as “small”, as according to the statisticians, who found that not many businesses employ a lot of […]
The Government has collected millions of dollars in hurricane relief funds since the passage of Hurricane Earl. Much of it will go to rebuilding efforts for the hardest-hit communities. But the agricultural and small business community is arguably even harder-hit and according to the Belize Progressive Party, there is much work to be done. The […]
Despite the unexpected power challenges raised by the passage of the indomitable Earl, News Five has been continuing its comprehensive coverage of the storm and its impacts in the short and medium term, on the ground and in your pockets. But this news will certainly be as unwelcome as the hurricane, at least to public […]
