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Aug 22, 2012

Will international banks sound in on Superbond?

Dean Barrow

Still on the Superbond, while the PM says he is not contemplating going to the I.M.F., he says that the government is unable to pay in the immediate or near term and that, “if it is make or break, then break it will be.” The government will go to the House this Thursday for the passage of bills that are required for debt assistance, primarily from the I.D.B.

 

Dean Barrow

“The undertakings have to do with removing a number of items from the quantitative restriction list—a number of items that now require licenses and we’ve done that. We go back to house tomorrow because when you do that, there is of course an effect because these are items that are produced locally as well and restricting them by way of requiring them to get license is a form of protectionism. With what’s happening with free trade, we didn’t have a problem. But we are now ensuring that the exposure now of the domestic items to that competition can be mitigated somewhat by raising the import duty; going with a tariff barrier. That was one thing. Passage of the new banks and financial institutions act was another; that also should be dealt with tomorrow at the house meeting. We’ve agreed that ultimately—and this was something we’ve talked about for a while as well—we will bring the revenue department: certainly GST and the Income and Business Tax under one umbrella. I’m trying to remember what else there is. Well right, they wanted a crisis management plan from the Central Bank given the ratio of non-performing loans in the sector. And given there was a financial sector assessment analysis done; that showed some weakness, things of that nature. In exchange, we are talking about a P.B.L.—that is the principal form of assistance that we are looking at. I will confess quite frankly that we are not quite there yet. That is one of the reasons of the team leaving today to talk to the I.D.B. Quite frankly what is happening, I think there are those who would want to see us in fact engage in a standby arrangement with the IMF and there are those who might feel that in trying to engage the I.D.B., we are doing an end-run around the I.M.F., which is not so. We are talking to both of them and we are seeing how together they might offer some assistance. What is clear, we have signaled from the beginning that we are not going to go into any I.M.F. program. So if that is make or break, then break there will be.”

 

Jules Vasquez, 7 News

“Sir, the cleavages between various dispensations seems to center over whether we can pay and won’t pay or just whether we can’t pay. You said there is no source of funding. Is it that we can’t pay this immediate payment or that in the near term, we will inevitably be unable to pay so we should cry one eye water?”

 

Dean Barrow

“It is both. We can’t make the immediate payment and in the near term, we will not be able to make the payment.”

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10 Responses for “Will international banks sound in on Superbond?”

  1. Ricky Malthus says:

    Frankly, the cognoscenti don’t give any currency to laws passed in Belize because they are based totally on corruption and not on the well being of Belizeans. When was the last time there was a law passed to benefit Belizeans. All laws passed are to take away, to punish, to imprison, to tax more ( more GST, more Customs duties, more , more , more and less and less benefits to Belizeans). But my fellow Belizeans can’t or don’t want to see through this grotesque usurpation of their rights and throwback to slavery days. So I leave them to their own demise.

  2. Rod says:

    Total incompetency the worse pm in the history of this great nation and yet the people of this nation sit back and do nothing about a supposed leader who is leading the nation off a cliff well maybe when unu hit the bottom maybe then unu aw wake up belizeans I am done with trying to light aw fire Ina unu brains all I could say is unu deserve whatever happens to unu from now on .we used to have people in this country whey mi have brains but today it looks like all we have in this country are robots only concerned about trivial things or maybe the population is so numb about all the murders going on that unu can’t even think whatever the case unu aw deserve fu live in misery with barrow ism.

  3. Steve says:

    “Gov’t of Bz can face lawsuit.” That is the rule of the game!! You see lawsuit and land scam are the order of business of this UDP. Who will benefit from these lawsuits? Millions of dollars have gone to land compensation for lands that have rightful owners have been sold. This is lawful diplomatic theft.

  4. Uncle Benji says:

    Hang tough Dean! We Belizeans are simply bleaters. Nothing is going to come out of the superbond default. Forget the foreign banks. We will complain, but we will forget your screw ups and give your government another victory at the polls.

    Dean baby, you know that Belize never really had credit on the international market, so you could not care less whether S&P rates Belize as a “malpago” nation. Please give us our hatXmas gift early this year by telling Belizeans that they are screwed. The government has defaulted on its commitments, and you could not really care.

    Please tell us that you know we are sheeple, and we will just hang our heads and be happy. Then we have the audacity to ask why crime is so rampant in Belize? Crime is our biggest economy earner.

  5. Storm says:

    Sorry, I’ve turned off listening to this PM. Cheat me once, shame on you; cheat me twice, shame on me.

  6. savy says:

    Does anybody know the price for the superbond?

  7. BMNJ says:

    Every active member in the House of Representatives, the Senate, etc should get a hair cut on their salaries and stipends. When Wall Street was in a total mess, CEOs of a number of companies reduced their salaries significantly and one even go as far as to take home only $1. They should do the same for their incompetence.

  8. Luis says:

    The issue of default on Bond Payment will affect dearly everyone in Belize and any drive away foreign investment wanting to develop a business in Belize…effetually afecting main source of Tourism…..

    Consecions have been voided, importations and taxes are going to be higher and prices of goods will rise, and salaries…excuse jobs are non-existent, only those of the cabinet who have used for personal gain and use as luxury cars and other….

    Bond was done to create work but cant see that anywhere, yes a couple of projects that don’t sum up to what was to be used. The exports have declined and the only viable resource of tourism is full of traps and losses, due to lack of infrastructure and development of Ports for commercial and tourism, City enhancement features, roads, parks, utilities such as internet that is the poorest rated yet the most expensive in the Caribbean….

    Transportation services infrastructure is a sham, operating on vehicles that are outdated, security forces Police and Military that are under gunned by mafioso’s that have benefited from bond as truce with PM…..

    Belize is a great country and should be top tier for development seek d by local and foreign investors regulated, but not allowed foreigners to have monopolies that only benefit their offshore accounts…

    The PM and its cabinet have really driven the country to the ground literally……..and it will only get worse as he doesn’t seem to understand the reality of all…..

    .”When the Blind bears the standard, pity to those who follow”………..

  9. RAY says:

    We can get some money by going into Gov’t Offiicials/Minister Bank A/C, you will find a Couple million that can be paid back from Belize’s Natural Resources that was sold and deposited.

  10. Phillybelizean says:

    Of all this money what have we belizean got not one !@#$ idk,i see mst getting fat nice car big house to tell u all thats where all this money went,our lives are in danger every dame day gangs getting half this money,come on look at our streets mein our poor village road so bad, mein this is so terrible now food goin to go up soon we wont be able to buy bread,,,

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