On Tuesday, News Five broke the story of what has every appearance of being a bailout of G.O.B. by S.S.B. at the Prime Minister’s request. If indeed it is a bailout, then there is good news for the government today because the Board of Directors met and green-lighted the investment. That’s probably not a big […]
News Five has learned that at Tuesday’s meeting Financial Secretary Joseph Waight was called into the meeting of the Investment Committee to provide some clarity on share value. There was also one other relatively major concern – that is, that S.S.B. would be guaranteed a buyback by G.O.B. in the event that it wishes to […]
The People’s United Party has condemned the transaction, claiming that G.O.B. is raiding the S.S.B. piggy bank because it is broke and needs a cash fix. In an extended interview on Wednesday, Briceño called on the gatekeepers at the S.S.B. to protect the people’s money and not to give in to the whims of their […]
As we showed you in our newscast, G.O.B. has orchestrated a hurried divesting of shares to raise cash and the Opposition seized on it to reiterate that the Barrow administration is broke. P.U.P. Leader John Briceño says it’s clear for anyone to see, and they can start by taking a look at the productive sector. […]
And of course there is the IMF report which was less that complimentary in reference to the status of the economy and G.O.B.’s performance. Briceño says he takes no pleasure in the country’s pain, but there are dark days ahead when the recommendations made by the IMF could very well be forced into play to […]
Is Government broke? A recent report from the IMF raised alarm bells painting a dismal economic picture and recommends retrenchment and increased taxes. And tonight, we can report that G.O.B. wants at least fifty million dollars of Social Security money. News Five has been able to confirm government’s scrambling to raise money by seeking to […]
It seems that where the price of fuel at the pumps is concerned, it’s all bad news. We wish we could tell you different tonight, but we can’t. News Five has confirmed that at midnight tonight the price of Premium Fuel will go up by a whopping fifty-four cents at the pump, taking it to […]
As we showed you earlier in the newscast, G.O.B. appears to be in a serious cash crunch…so much so that they are trying to raise fifty million dollars from that perpetual cash cow – the Social Security Board. In addition, the pump price for fuel is going up again tonight by a significant amount, always […]
A significant part of the economic downturn has been attributed to problems in traditionally robust industries – like papaya, shrimp and bananas. Fruta Bomba has closed its doors, shrimp farms are struggling to recover from disease and over a thousand acres of bananas have rotted in the fields after Mayan King was forced to close. […]
Since Minister of Labor Hugo Patt has also been G.O.B.’s representative in the sugar industry, we also asked for an update on negotiations between G.O.B., the three cane-farmers associations and ASR/B.S.I. on a framework going forward. The industry has faced challenges caused by tension between players and market prices and Patt told us today that […]
Results of a study show that as it relates to west, seventy-one percent of the population is thirty-five years and younger. Of that sector, thirty-five percent is less than fifteen years in age. Unemployment stands at thirty-five percent. So what can be done to empower the youth and change the economic status in the west? […]
The IMF Report has been out over a month, but government has yet to respond to what seem to be areas of real economic concern. G.O.B. may not have provided full details, but other entities have weighed in, including the business sector and the Opposition People’s United Party. Today, they were joined by COLA which […]
Brackett says that from their study of the report and other financial indicators, it is clear that the nationalization of B.T.L., particularly, did not have the desired effect. He claims that the arbitrary takeover has negatively impacted the country and the people who are now left with only massive debt to show for it. […]
Weeks ago the International Monetary Fund, IMF, issued its Article Four Consultation Report. The long and short is that the report speaks of a decelerating economy in Belize amid increasing external vulnerabilities which could result in more taxes and retrenchment. Those are words that would make anyone cringe and to top it off, there has been […]
The IMF Report also points to the increase in imports and a decline of exports from Belize. According to the report, “The current account deficit widened to nine point eight percent of GDP as exports fell by nine percent and imports continued to grow, partly due to investment projects.” The blows to the agriculture sector […]
The current economic climate does little to stimulate or support entrepreneurs and small business development. Several small businesses have had to close, and many more are struggling because of heavy tax burdens and the cost of doing business. News Five asked Minister Panton what is being done to assist companies to survive the economic crunch. […]
There is growing concern over the findings of the IMF team released in the recent Article Four consultations. That report points to a weakening fiscal position which has proportionately increased the nation’s vulnerability. It’s not a glowing report, far from it, but government has yet to formulate an official response. The Chamber of Commerce has, […]
Deputy Prime Minister Patrick Faber is the only elected official within the Barrow Administration to comment on the dismal IMF report. While he admits that government is bracing for difficult times, he told the media that not only are the dark days ahead brought about by the Super Bond, but government is not taking the […]
The International Monetary Fund, IMF, issued its Article Four Consultation Report last week and the economy outlook is dismal. The report speaks to a decelerating economy amid increasing external vulnerabilities which could result in more taxes and retrenchment. There is also a reduction in the growth of the Gross Domestic Product or GDP, broadening the […]
The IMF’s Article Four consultation report came out last week, and as we reported then, it seems to be pretty much all bad news. It makes reference to a slowing economy and rising external vulnerabilities, reduction in GDP growth, widening of the current account deficit, falling exports, falling international reserves, widening of the fiscal deficit, […]
The IMF states in its Article Four consultation that Belize is on shaky footing economically and measures will need to be put in place for recovery in the medium and long term. Earlier you heard the numbers man Joseph Waight explaining about austerity and government having to control expenditures. But Waight isn’t a politician. The […]
The People’s United Party has also issued a statement on the IMF report and it is not taking the blame for the economic woes. According to the P.U.P., while the U.D.P. government has been unable to truthfully explain the economic realities to the Belizean people, in his budget presentation, Party Leader John Briceño signaled that […]
The International Monetary Fund (I.M.F.) has issued a report at the end of its most recent visit to Belize which concluded this Wednesday. The team was led by Jacques Bouhga-Hagbe and its preliminary report does not inspire economic confidence. The IMF says that the economy is slowing while fiscal and external vulnerabilities are rising. G.D.P. […]
In a matter of a couple weeks, the arbitration panel will be delivering its final, tabulated award on B.T.L. share value assessment, reliably reported to be close to half a billion dollars. That includes interest and costs. According to the terms of an agreement made between Lord Ashcroft and Prime Minister Dean Barrow, half that […]
A final award on the acquisition of BTL shares by the Government of Belize is yet to be issued by the Permanent Court of Arbitration Tribunal based in the Netherlands. While that figure is yet to be calculated, it is expected that GOB will have to fork over a hefty sum to Dunkeld International and […]
