And here’s another impact you may not have been expecting, and one which certainly won’t sit well on top of the expenses brought by Earl. Remember that letter from the Governor of the Central Bank to the FinSec Joe Waight basically telling him that things were dread? Okay. Remember those recommendations from the IMF in […]
Waight isn’t generally a politician and so, most times, can be trusted to tell it as it is. The Prime Minister, a consummate politician, sings a more pleasant tune. But still, there’s no doubt that the economy is unstable, and Earl, certainly, did not help. At his press conference, PM Barrow spoke about the impact […]
So with all that said, the government will step in, right? Belizeans remember in late 2015 when a tropical depression flooded the south side and brought U.D.P. politicians with relief galore, including new appliances and money. We’re talking millions in disaster relief. But there’s a difference now. For one, there’s no major election in a […]
Barnett explained the process and plan which will be immediately implemented to ensure that Belize has the ability to access aid relief from our international partners. Carla Barnett, Senator “What we will be setting out to do is to ensure that the relief part of what needs to be done, which is the immediate […]
The tenure of Glenford Ysaguirre as Governor of the Central Bank of Belize comes to an end in September when his contract expires. Ysaguirre, who assumed the post in 2008, told News Five today that he will not be renewing his terms of employment. During his term in office, he played a critical role as […]
The dismal state of Belize’s economy remains an area of grave concern for the business community, particularly in light of a recent letter by outgoing governor Glen Ysaguirre to Financial Secretary Joseph Waight. The four-page document succeeded a request by G.O.B. for Central Bank to make available an additional seventy million U.S. dollars towards the […]
The issue of foreign exchange was also highlighted by Central Bank Governor Glenford Ysaguirre. He warned that domestic adjustments are needed to further protect the exchange peg rate. Lizarraga says that so far government has made no mention of the prescribed adjustments. Senator Mark Lizarraga, Business Community “But it makes some very bold and […]
Following incessant and expensive litigation over B.T.L. since 2009, the PM declared the half a billion plus final payment for the utility company a vindication and a victory for the government and people of Belize. If there was any very tiny silver lining in that dark cloud, it was that litigation was ended. But it’s […]
That seventy U.S. million dollars in litigation has caused Central Bank to issue a dire warning to the Government of Belize, claiming that such a payout would destroy what is already a very fragile economy. Prime Minister Dean Barrow “What I understand the Central Bank to be saying is this. We have a decent […]
The letter from the Central Bank seemed a dire forecast, even with the Ashcroft-request payment aside. There is talk of the economy contracting two percent in the first quarter of this year, a significant drop in revenue from the Free Zones, marginal foreign currency inflows from tourism and falling exports. As we told you on […]
Just when you thought that the B.T.L. acquisition fiasco had been settled, the Ashcroft Group and the Government of Belize are headed back to the courts for an interpretation of the arbitration award. Both parties are to appear before the Caribbean Court of Justice in the days ahead to get a clarification on the dollar […]
Up north, there is trouble in the sugar belt. Will sugar cane farmers in the north bear the brunt of financial losses from spoiled molasses? Caneros are tonight incensed over the suggestion that they will have to absorb sixty-five percent of the total cost of the wasted syrup. That works out to about twenty-two cents […]
Today the Ministry of Economic Development and stakeholders launched the National Trade Police Framework. That structure signifies approval by Cabinet to implement a comprehensive review to find common and fertile ground between multi-lateral and regional trade rules and the development needs of domestic producers, exporters and stakeholders. News Five’s Mike Rudon was at the launch […]
The B.T.L. arbitration award, as well as the economic impact of having to dole out hundreds of millions of dollars to compensate for the nationalization of the utility company, remains a matter of national importance. While it has taken a backseat because of the bizarre murder of Pastor Lucas, it is very much alive in […]
Briceño, during the press conference, also broke down the arbitration award into annual payments, calculating the figure retroactively to the 2009 nationalization of the utility company. John Briceño, P.U.P. Leader “They have explained that they will borrow, but they have failed to explain how we will pay. They have said that they can borrow […]
For the past two years, correspondent banks in the U.S and Europe have been cutting relations with banks across the Caribbean. Since 2015, the U.S. has been putting the squeeze on local banks due to suspicions of terrorism financing and money laundering. A number of local banks have been affected, including the Belize Bank, Heritage […]
Has the Government of Belize made the huge first payment in the approximately four-hundred-million-dollar bill outstanding in the Arbitration Award for the B.T.L. nationalization? Today was the deadline as set by the permanent court of arbitration, and at four-twenty-five this afternoon, via text, Prime Minister Dean Barrow replied only – YES to the first payment. […]
Another issue of national importance is the recent B.T.L. Arbitration Award. The Chamber of Commerce came forward to offer impartial comment on the cost of nationalizing Belize Telemedia Limited. Prior to the release, dated today, the issue has been pretty much a political football kicked from one side of the field to the other. The […]
According to President Nikita Usher, though, the arbitration award is a done deal so the real commentary must be on the way forward, and how Government will address very critical economic issues now facing the nation. On the Phone: Nikita Usher, President, Chamber of Commerce “The arbitration award is already there; it’s in front […]
Tonight, there are indications that government is scurrying to come up with the first payment to the Ashcroft Group of Companies, due Tuesday. We can confirm that G.O.B. has withdrawn its offer to sell ten million dollars of its B.T.L. shares to S.S.B. We haven’t verified whether it has done the same for its shares […]
Last Wednesday, Prime Minister Barrow held a press conference to explain the Belize Telemedia Limited arbitration award, as well as government’s interest in selling its shares of B.T.L. and Belize Electricity Limited to the Social Security Board. Since then, the grassroots organization, COLA, has been vocal in its objection to the proposed sale. It is […]
According to Rogers, the final cost of acquiring B.T.L. is considerably more than what the previous government had agreed to when it signed on to an accommodation agreement with the company’s previous owners. He says that the Barrow Administration blundered in its approach to dealing with the nationalization of B.T.L., particularly in delaying compensation for […]
For the past couple months, the issue of de-risking has been placed on the backburner as other pressing national issues, including the Sarstoon and the B.T.L. arbitration award, have taken center stage in public discourse. But the focus tonight is once again on the loss of correspondent banking relations. This time, the Central Bank of […]
Apart from claiming that the half-a billion dollar payout for B.T.L. is a deal and a victory, the Prime Minister has gone on record to say that they will not have a difficulty making the first payment of two hundred million dollars. According to Briceño, the P.M. may not have a difficulty making that payment, […]
British withdrawal from the European Union, widely referred to as Brexit, follows the United Kingdom European Union membership referendum. It is a non-binding vote that took place last Thursday in the UK to measure support for the country’s ongoing membership in the EU. The result of the poll sent massive shockwaves across Europe, as fifty-one […]
