Foreign exchange–or rather the lack of it–is never far from the minds of many Belizeans. While government admits that the situation is tight and is in fact rationing the available funds, it predicts that the position will ease as exports pick up in the second half of the year. In the meantime, according to Chamber […]
It had been rumoured for weeks, and today the Ministry of Budget Management made it official. Keith Arnold, Central Bank Governor for the last decade, will be leaving that post as of the end of March. Arnold, who earned a reputation as a professional survivor, worked more or less comfortably under both PUP and UDP […]
The average Belizean doesn’t need an economist to tell her that U.S. dollars are scarce. But what should the average Belizean think when the government’s own Central Bankers say their advice on how to solve the problem is not being heeded? As News 5’s Janelle Chanona discovered…the questions are easier than the answers. Janelle Chanona, […]
Given the current foreign exchange crisis in Belize, one of Government’s ideas was to make sure the commercial free zone was dollarised. To help with that process, G.O.B. suggested casas de cambios or currency changers for zone shoppers. But today, the man in charge of C.F.Z., Florencio Marin, told members of the Belizean and Mexican […]
He called it “Facing Adversity Today – Shaping Tomorrow.” But adversity might be an understatement because the facts are clear: the country has a debt of over a billion dollars hanging over its head and is still reeling from recent national and world events. So today, it was a cautious but positive P.M. to take […]
Over the next four days, representatives of central banks and other monetary institutions from the Caribbean will be in Belize to discuss financial issues affecting the region. The thirty-third annual monetary studies conference is being held under the theme, “Money, Economic Growth and Development in the Caribbean”. Some sessions will focus on the effects of […]
Given the serious economic impacts September eleventh will pose for Belize, right now increased trade and investment might seem like an uphill struggle. Within that context, the Belize Trade and Investment Development Service, BELTRAIDE, is conducting a series of workshops in every district to advise the public of its role as well as present investment […]
It’s no big secret that the easiest place to change Belize money into U.S. currency is out on the street. But the Government of Belize says that given the current foreign exchange crisis, all that must stop. Prime Minister Musa and Minister of Budget Planning Ralph Fonseca met with members of the financial and productive […]
The P.M. also discussed the recent announcement from Cabinet that government will be revising the budget to cut back on expenditures. Prime Minister Said Musa “When we redesign this project and reprioritise, we have to make sure that that budget addresses the real needs and concerns of our people. Often times we see the need […]
The Government says the country’s currently uncertain economic situation has called for a new budget. At cabinet’s meeting on Tuesday, the cabinet agreed that given the effects of Hurricane Iris and the terrorist attacks in the United States, a revised budget will be presented to the House of Representatives next month. G.O.B. says ministers and […]
“Things have changed and we too must change.” That was the message of Prime Minister Said Musa as he informed the nation that the triple whammy of the September eleventh terror attack, the U.S. military response and Hurricane Iris will leave Belize’s economy somewhere between a rock and a very hard place. Speaking at a […]
Two weeks after the biggest peacetime terrorist attack in modern history, Belize tourism officials are still holding their breath to see just how hard the industry here will be hit. According to Director of Tourism Tracy Taegar, the enormity and unprecedented scale of the acts make it difficult to predict the effects on Belize. Tracy […]
It may not be a presidential summit, but officials of Belize and Guatemala are meeting to find practical ways in which the two neighbours can help each other prosper. Coming together for the second day of talks at the Belmopan Convention Hotel are agricultural officers from the two governments. They are trying to co-ordinate and […]
The Barbadian economist and diplomat is known as one of region’s most knowledgeable central bankers. Sir Courtney Blackman has been in Belize since Monday and this evening he gave a talk to business people sponsored by the Chamber of Commerce. Ann-Marie spoke to Blackman just prior to his engagement and while he declined to comment […]
This morning Cabinet convened a special session to consider among other things the I.M.F. Belize Staff Report 2001. The report noted the Belize Government’s economic policy, which seeks to sustain strong economic growth mainly through low taxes, public investment, and provision of credit to the private sector through the Development Finance Corporation. It also noted […]
The Taura virus, discovered last month at the Nova Shrimp Farm in Ladyville, has now spread to a second shrimp operation in Stann Creek. Barry Bowen, president of the Shrimp Grower’s Association, today confirmed to News 5 that the virus has been positively confirmed at the Paradise shrimp farm near Gales Point and there are […]
It’s a major industry that’s one hundred percent Belizean owned and provides a solid living for families the entire length of the coast and cayes. With the 2001 lobster season only four days old, News 5’s Jose Sanchez decided to dive in. Jose Sanchez, Reporting After last year’s hurricane there has been a lot of […]
The sugar industry is facing some major challenges and no less than the general manager of Belize Sugar Industries has called for serious changes in the way that crucial commodity is produced. Writing in today’s Belize Times, B.S.I.’s Joey Montalvo warned that dwindling supplies of cane threaten to cripple and destroy the industry, unless measures […]
There were plenty of amendments today on Independence Hill; among them was the Sugar Industry Bill. Sugar Minister Valdemar Castillo says the changes to the bill will help to give future direction to farmers and the factory at Tower Hill. Valdemar Castillo, Minister of Sugar Industry “We have our preferential market with the European Union. […]
While the growing Corozal free Zone continues to boost the economy of Northern Belize, a new tourism project adjoining the zone promises to make the area a Mecca for more than just shoppers looking for bargain liquor and gasoline. The Galeria Maya Project, located on the waters of Four-Miles Lagoon, centres around the construction of […]
All those tourists on the streets of Belize City today provided a positive background for the annual presentation of the Belize Tourism Board. News 5’s Jose Sanchez was on hand. Jose Sanchez, Reporting The Belize Tourism Board’s Third Annual Tourism Industry presentation highlighted the accomplishments of the last year as well as unveiled the marketing […]
As if it didn’t have enough to worry about, Belize Electricity Limited was rocked this afternoon by another problem across the Mexcian border which resulted in much of the country experiencing a blackout for over an hour. A failure in a Mexican high voltage transmision line interrupted the flow of power to Belize, which at […]
Last month’s tourism figures are in and while the rate of increase has slowed, a record number of visitors continue to make Belize their destination of choice. Arrivals for February rose by three percent over one year earlier, which was itself a record month. In fact, every month since October 1999 has set a record […]
There was a time back in the 70’s and 80’s when the only mystery in government’s annual budget was how much the stamp tax and import duties were going to go up. These days it’s a different story and the budget speech is an opportunity for an activist administration to outline its strategy for development. […]
The Water and Sewerage Authority is being privatised and a prospectus has been released for interested investors. While Belizeans are being encouraged to purchase shares in the new entity, majority ownership is reserved for what is called a “strategic investor”, a company with a proven track record in the field of utility management. On last […]
