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Jan 9, 2015

Port of Belize Affected by Negotiation Deadlock

Arturo Vasquez

Equally affected by the ongoing logjam is Port of Belize Limited.  The company does significant business with ASR/BSI and is experiencing cash flow issues as a result of the impasse.  According to Vasquez, the ripple effect is far-reaching and stevedores at the port are also feeling the pinch in their pockets.

 

Arturo Vasquez, Receiver, Port of Belize Ltd.

“It shows a good example of where it affects every aspect of what’s happening.  For the Port of Belize, January starts the sugar delivery.  It has a significant effect on the cash flow of the port and I can go further to say that even stevedores will be in a situation where if it does not start that is where jobs will be limited or lacking, so to speak, in that area.  So [it’s] an excellent question in that it does affect each and every aspect.  And those are the ones that we are seeing and I’m sure that there are others, you know.  I mean, the purchasing power up north has been reduced.  The cane farmers are not with the usual cash that they have.  I don’t even want to think what kind of maybe Christmas they had in saying that they may have been limited in what they were able to do.  That brings me to another point of the fund where I am also very concerned as to that fund being depleted for the purpose which it was not initially intended for.  That, I think, has a long term effect that we will yet see in the future.  So that again for me is thing that I believe was not the right thing to do but in desperate times I guess people need the cash and perhaps that’s the reason why they voted for it.  But I am really hoping that that does not have a big problem later on when that cash is and that fund is really needed for the purpose which it was intended for.”

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