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Sep 29, 2016

G.O.B. “Disappointed,” Promises No Shock to Economy

So, what’s Government’s reaction to this latest decision? This afternoon, G.O.B. issued a statement officially expressing its disappointment in the C.C.J. decision. It points out that, “The overall quantum of the Arbitral Award has not been increased in any wise altered; however G.O.B. now has to pay ten percent more of that award in U.S. currency – a full fifty percent rather than forty percent.” According to Government, “it is determining, together with the Central Bank, the best case scenario to avoid any withdrawal of too large an amount at any one time from the Central Bank Foreign Reserves. Thereafter G.O.B. will put that scenario to the CCJ for approval. On that basis, G.O.B. is comfortable that the ruling will cause no shock to Belize’s foreign exchange position.” The CCJ has said that it is prepared to give G.O.B. time to pay on an installment basis.

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