Prime Minister Barrow has been away on official business in Miami where he met with representatives from the Bank of America and Carnival Cruise Lines to discuss separate issues pertaining to Belize’s investment and tourism sectors. He returned from his working visit this afternoon and gave the media an impromptu briefing on the outcome of […]
Will the controversial Petrocaribe Loans Act be repealed by May nineteenth? That’s what Leader of the Opposition Francis Fonseca and P.U.P. Deputy Party Leader Julius Espat are anticipating, following an ongoing effort to stimulate social partners into petitioning an abrogation. The Barrow administration, through Financial Secretary Joseph Waight and legal advisor Michael Young, has undertaken […]
During an appearance in the media earlier today, Leader of the Opposition Francis Fonseca said that the stipulations within the Petrocaribe Loans Act were made by PM Barrow in order to avoid charges and court action for criminal wrongdoings. While openly stating that he would not respond to the allegation, PM Barrow says that if […]
While the prime minister has made it abundantly clear that there will be no repeal of the Petrocaribe Loans Act, he is open to the idea of fine-tuning the legislation to provide reassurance for those with a valid sense of concern. Prime Minister Dean Barrow “I am absolutely positive that the Belizean people are […]
Earlier this week, Financial Secretary Joseph Waight commented briefly on the ongoing derisking exercise that a number of large American and European banks have undertaken. The process has seen the financial institutions severing ties with select banks in small developing countries. On Thursday, the Central Bank of Belize issued a release explaining the foreign correspondent […]
Government operatives charged with selling the Petrocaribe Bill 2015 have sought to convince the media that the outcry is much ado about nothing. But tonight the Petrocaribe fire continues to burn bright. Business sector Senator Mark Lizarraga has gotten hold of the loan agreement between G.O.B. and Alba Petrocaribe which he says proves that G.O.B. […]
Just in the event that you’re one of the very few who hasn’t been following the Petrocaribe hue and cry, the relevance is this. The government has stated time and again that it is forced to borrow and spend before seeking approval in the House because the exact amount of money to be borrowed cannot […]
Debate over the controversial continues to heat up, with the unions, churches and business sector all coming out squarely against it. The P.U.P. has as well, and later you’ll see the V.I.P. lashing out at what they say is a tyrannical government. The outcry is picking up momentum, which means that government has had to […]
Espat told News Five that the original rationale behind the Petrocaribe program, conceptualized and implemented by the late President Hugo Chavez, has been bastardized to further the political ambitions of the government of the day. Julius Espat, Chairman, Public Accounts Committee “Social projects fostered by the Petrocaribe agreement should empower all people, not only […]
The Fin. Sec. and legal advisor, attorney Michael Young, have been making the media rounds trying to explain away the new law, which allows government to borrow and spend without House approval. In explaining how Belize draws funds from the Petrocaribe initiative this morning, Waight also commented on the Finance and Audit Reform Act and […]
The process of ‘derisking’ is underway by international financial firms that are withdrawing from sectors within the Caribbean region and elsewhere that represent compliance risks. It is a situation where a number of banks, having assessed the present circumstances, deem it too risky to persist with certain customers and activities, since the risk outweighs the […]
It hasn’t happened just yet, but the Caribbean and Central American regions are keenly aware that there is some intention by large European and US banks to end relations with small domestic banks in countries like Belize. The threat is serious enough that the matter was raised as a priority on the agenda at the […]
Following his political announcement, the PM spoke to the media on a myriad of issues, including one very recent and serious discovery. Auditors and the police have been called into the Treasury Department to investigate an inside scam which netted perpetrators somewhere in the region of half a million dollars – allegedly diverted when persons […]
Barrow also spoke on the recent report of the Auditor-General, who reports that she could not get a clear picture of government finances because a number of accounts were not reconciled. In addition to other discrepancies highlighted, the report also makes mention of works done before contracts were penned, signed and approved. The Prime Minister […]
Earlier today, we headed out to the local fish stands to see how fish vendors were preparing for the last minute rush for fish as the Lenten season comes to an end. We found out that the preferred fish is snapper and as you might guess, it is in short supply which also means that […]
Day one of the Budget Debate was uneventful and, as predicted, bursting at the seams with much political rhetoric and very little substance. We’ll have some of the highlights, such as they were, for you a little later. But first the Petrocaribe Bill – that little piece of new legislation which has sparked such outrage […]
The Prime Minister reserved a special dose of vitriol for Public Accounts Committee Chairman, Julius Espat. Espat on Wednesday said that the Bill, if passed, would in effect allow the Prime Minister to write a one million dollar check to his family. That got the PM’s attention in a hurry, and it was clear he […]
With that out the way, P.U.P. Leader Francis Fonseca got the budget debate started. He lashed out in short order, stating that not only was the 2015-2016 Budget the shortest ever, it is also the emptiest. According to Fonseca who pointed to the rising cost of basic goods, PM Barrow’s budget is actually devoid of […]
Fonseca ended his presentation on a passionate note, claiming that the People’s United Party may be down, but they are not out. Rolling on the Petrocaribe bounty and unprecedented spending, Government has boasted that it will win a historic third term whenever general elections are called. But while Fonseca stops just short of saying “Call […]
Former Prime Minister and Fort George Area Representative Said Musa this morning echoed the words of Party Leader Francis Fonseca, claiming that the budget is all glitter and no substance, a borrow and spend budget. According to Musa, while rhetoric is one thing, the reality on Belize’s streets is that the rich are getting richer; […]
One particular area of interest to Musa is the debt profile of the country. He says that in 2008, the U.D.P. met manageable debt, and in less than ten years they have racked it up to a point where it is unsustainable. Said Musa, Area Representative, Fort George “When the U.D.P. came into office […]
The cost per gallon of regular gasoline increased sharply at the pumps on Tuesday night, ahead of the overdue arrival of a shipment of fuel from Venezuela the following morning. While P.M. Barrow was apparently unaware of the sudden upturn, he told the media on Wednesday that he was unable to explain the discrepancy since […]
Like with most things political, facts depend on who’s doing the talking. Earlier in the newscast, you heard Fort George Area Rep, Said Musa, say the P.U.P. did well where debt is concerned and that it is the U.D.P. which has taken it to unsustainable levels. But Collet Area Representative, Patrick Faber, got up to […]
We end today’s coverage of the Budget debate with the presentation from member for Orange Walk Central John Briceño, who broke down what he says are severe deficiencies in an empty budget. Briceño took issue with the U.D.P.’s mantra of transforming Belize, saying that in this budget, and by its actions, this government is about […]
Tonight, there is some good news on the fuel scene – the long delayed fuel ship is in port and is in the process of being offloaded. But that’s it for the good news and the rest is all bad. At midnight on Tuesday, the price of regular fuel increased by a very extreme one […]
