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Jun 23, 2011

Belize Business Bureau speaks against government’s nationalization of B.E.L.

The Belize Chamber of Commerce has had its say and today, the Belize Business Bureau fired off a release expressing similar sentiments against the expropriation of Belize Electricity Limited. The Bureau cites three reasons why it is gravely concerned about the takeover. Firstly, the public debt, which is already at eighty-five point eight percent of G.D.P. will make national finances and available credit unstable, causing a further squeeze on capital for the productive sector. The bureau also says that the private sector is unable to access working capital, which is a direct result of the huge consumption of capital by the public sector. And the third reason is that a lack of honest and constructive communication between the public and private sectors further hurts problem solving. The release further states that there is a need to revive the National Economic Council to deal with the growing financial challenges and that “we cannot continue to stumble from crisis to crisis.” According to the bureau, the problem that needs immediate attention is the number of private sector businesses that are failing. But it’s going to be a bumpy road ahead since the country’s international credit rating has been downgraded, which will make capital and investment more costly. The bureau also noted that the use of Social Security funds to bailout private sector companies is not a sustainable practice.

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Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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5 Responses for “Belize Business Bureau speaks against government’s nationalization of B.E.L.”

  1. Fairman says:

    The last sentence above from the Belize Business Bureau is one that they should have sent to Mr. Vasquez at SSB with regard to the 14 million loan for the failing fish ponds.

  2. javier solis says:

    No one wants to address this question: if the country had been subjected to power cuts, of say a week, until all the BEL loan defaults had been rectified, how much would we have lost??
    How much would the country have lost? How would we have looked? Would the condemnation afterwards have been that the Governent acted too slow?

  3. subKonshus says:

    Just a matter of general knowledge, BEL was not broke as has been untruthfully repeated by the PM to scare the Belizean Public into thinking that the lights would have been turned off. To further convince itself that it did the right thing, the GOB had to actually publish an ad to try and brainwash the public into thinking that BEL was broke. Well, I did some research into the popular word “Insolvency”, because this is the word that the PM is using in similarity to being broke or bankrupt. According to Lynn Young, and as seen in letter published in the ad, BEL simply had a Cash flow insolvency problem…which simply meant that they were unable to pay their debts or bills on the due date. Which company from time to time doesn’t lapse on their due date for paying bills? If you are a million dollar company of course your bills will be in the millions! Please Mr. GOB, of all the companies, I think you owe the most, both home and abroad. Does that mean you are broke? Does it mean you are waiting and hoping for some billionaire to come and “expropriate” you? Insolvent further means that your expenditures far outweigh you income. Just listen to the next GOB Budget debate and you will get a perfect example! “Insolvency is not a synonym for bankruptcy, which is a determination of insolvency made by a court of law with resulting legal orders intended to resolve the insolvency.” Tell the children the truth Mr. Barrow. Apologize to nation and tell them BEL was not really broke. Tell them the real reason for the take over. The Chamber is not with you, the Bureau of Standards is not with you, I think even your shadow is not with you. You tell too much lies man. Stop trying to insult the intelligence of the Belizean public.

  4. Roy Yates says:

    I’m asking someone to give me the answer to the following questions: Now that Mr.Barrow is asking the President of Mexico to raise the debt sealing for BEL, what stop him from doing so before he did the take over? What happen if he is denied higher debt sealing?

  5. Hill says:

    Borrow is just digging a deeper hole to bury Belize

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