The Ministry of Public Service announced in July that a thorough review of public service allowances would be carried out. That process has been ongoing and its purpose is to trim the fat off the one point five million dollars that the ministry pays in allowances each month. All ministries and departments were required to […]
There are many stories that can be told from the auditor general’s report for 2010-2011. There were cases of suspected fraud, including one under investigation at the Toledo District Education Centre. In one transaction, original receipts totaling sixty-four thousand, three hundred and five dollars and twenty five cents did not match the corresponding duplicate copies. […]
The auditor general uncovered suspected cases of fraud in different ministries during the review of government finances for the period 2010-2011. According to the audit, government suffered great financial losses because the regulations as it relates to accountability were not adhered to. On Wednesday night, we reported on the two law firms of choice which […]
The auditor general’s report for 2010-2011 raised a red flag when it was tabled in the Senate a few days. The Auditor General, Dorothy Bradley’s conclusion was that she could not provide an opinion due to the lack of information. We have looked through a copy of the audit and will be reporting on some […]
The government audit exposes many inefficiencies and it would be one of many tools that an international organization would use to assess Belize’s ability or inability to pay its debts. The Prime Minister returned from meetings with the Inter-American Development Bank (IDB) and the International Monetary Fund on Tuesday. He hopes that the negotiating team […]
After making a partial payment of eleven point seven million dollars on the twenty-three point five million dollars August coupon of the superbond, bondholders agreed not to take legal action against the government during a two month period while negotiations take place. The Prime Minister, accompanied by members of the Debt Review Team including, team […]
The 2010-2011 government audit was discussed in the Senate. According to Senator Mark Lizarraga, the government accounts are in a mess and that’s a major cause of concern. Lizarraga said the report is damning because the Auditor General, Dorothy Bradley, did not provide an expert opinion and that due to substantive omissions, the accounts did […]
In this segment we continue to focus on economic indicators for the Toledo District, one of the most economically depressed areas. We first look at basic cooking facilities. In all other five districts in the country, seventy-seven point nine percent of households have kitchens inside their houses. The Toledo District is the exception where only […]
In this segment of Economic Indicators, the Great Belize Research Center, looks at specific factors relating to the southernmost district which is not only delineated by its geographical distance, but is defined by grave economic indicators. Unofficial figures put the poverty level of the country at a rate between forty to forty-nine percent. Toledo has […]
Prime Minister Dean Barrow made some baffling statements on his arrival from the US on the superbond, but today there is some clarity. There were two releases issued this afternoon in respect of the forty-six million dollar superbond payment that bring relief going into the Independence Day celebrations. Firstly, the government has announced that today […]
At five p.m. today, a grace period ended for payment of the Superbond after government missed payment in August. Government’s failure to pay triggered a technical default. The forty-six million dollar payment is only one hurdle facing the government as the bond fell zero point forty-eight cent to thirty-four point fifty-six cents after trading above […]
The Opposition, Peoples United Party (P.U.P.) has expressed its interest and concern about the bond. Though the P.U.P. has not been a part of the negotiation, it supports the government’s desire to ease the burden on the Belizean People. Francis Fonseca, Leader of the Opposition “It is a critically important matter and it continues […]
We reported on Tuesday that the major findings of a poll measuring public opinions on debt, spending and taxes show that overall there is a high level of dissatisfaction in the handling of the debt issue; that spending should be cut; taxes should not be increased; and that government should pay off the Superbond and […]
The B.T.L. Employees Trust has applied to the Caribbean Court of Justice to stop the payment of dividends to shareholders at the upcoming annual general meeting or that alternatively government put the money in escrow pending cases before the courts that seek to return the telephone company to its former owners. The A.G.M. is planned […]
Belize Telemedia Limited is holding its annual general meeting on September twenty-eighth and some bad news is going to be delivered to its shareholders. A peak at the financial statement of the nationalized company for fiscal year ending March thirty-first, 2012 shows a huge decrease in revenue. In the 2010/11 financial year, B.T.L.’s gross income […]
The ‘Superbond’ has been much on the minds of Belizeans. This issue has been heightened by the recent missed coupon payment which matured on August twentieth of this year and is now due on Wednesday because of a one month grace period. The aftershocks of such and the Governments release of the three bond restructuring […]
Let’s face it: There is high unemployment and for households across the country, the joblessness is further aggravated by the high cost of living. The cost of a daily basket of goods from chicken and fish to beans, cheese and eggs, is sky high. Now, let’s factor in ‘Income Tax; Those who make less than […]
The verdict is still out on medical tourism but the reality of its full presence in Belize is inevitable. Over sixty countries worldwide have already been established as medical tourism destinations and Belize is on the road to becoming one of them. Today at the House of Culture, a workshop was held with both the […]
In economic indicators tonight, the unemployment level is at a record high; the joblessness is highest among women and youths. In households across the country there is less or no income, which means no purchasing power, and less money in circulation. To add to the woes of the unemployed, the cost of living keeps going […]
The Great Belize Research Center begins a series on national economic indicators that will look at health of the economy. To kick off this segment, the GBRC looked at the most recent figures on the population and the state of unemployment. The results, you will find, both surprising and instructive. Firstly, looking at the […]
The sale of the Belize Sugar Industries (B.S.I.) to American Sugar Refining (A.S.R.) is about to materialize. In an update to that story, B.S.I. reports that meetings were held in mid-July with representatives of A.S.R. Management to advance final negotiations on key investment documents, principally the Subscription Deed (purchase agreement) and the Shareholders’ Agreement. Agreement […]
Failure, by the Government of Belize, to meet a forty-six million dollar coupon which was due last Monday, as part of the Superbond payment, has been a hot button issue since mid-August. In the wake of a subsequent downgrade in Belize’s credit ratings, as well as the recent departure of the Debt Review Team for […]
The Superbond restructuring is being widely discussed, both locally and internationally, but for the Opposition the talk is about their dissatisfaction over a lack of communication from government. P.U.P. leader, Francis Fonseca, feels that as parliamentarians, the elected members of the Opposition should be involved or at least be kept updated on the process. While […]
Fonseca also spoke on the risks associated with government’s approach to the debt restructuring, but says the Opposition is hoping for successful negotiations and a sustainable solution for Belize. Francis Fonseca, Leader of the Opposition “Certainly, after the thirty day period I think it is open to the bondholders to move in a completely […]
Aside from crime, there is the Superbond for which there has been international backlash after government did not make a forty-six million dollar coupon payment that was due on August twentieth. The debt review team is making its media rounds after concluding talks in Washington with the IMF. The governor of the Central Bank, Glen […]
