Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Economy » IMF warns about paying compensation for nationalized companies
Jul 19, 2013

IMF warns about paying compensation for nationalized companies

The Executive Board of the International Monetary Fund (IMF) concluded the Article four consultation with Belize and the results were released earlier this week. The IMF says the restructuring of the bond brought substantial cash-flow relief mounting to one hundred and thirty U.S. dollars over the next five years. But it also said (QUOTE) “The debt restructuring took place against prolonged legal disputes over the nationalization of two utility companies, Belize Telemedia Limited (BTL) and Belize Electricity Limited (BEL). No agreement has been reached yet over compensation payments; and the legal dispute may take a few years in court… The government may face large financing needs over the medium term largely associated with compensation to the former shareholders of nationalized companies, pending legal rulings.” (unquote.) It’s more than a concern and the IMF notes that because of the potential liabilities associated with the nationalizations and contingent liabilities, the government should take additional measures as necessary, with a view to ensuring fiscal sustainability.

 

Be Sociable, Share!


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.

Advertise Here

3 Responses for “IMF warns about paying compensation for nationalized companies”

  1. cash crunch says:

    Belize will be the next detriot under the democrats

  2. the priorities say all says:

    time for a constitutional amendment to tell IMF to stick it and get out Belize’s business.

  3. Ricky Malthus says:

    I am not appalled that the Belize depressed economy will remain in disequilibrium for the foreseeable future when we have poseurs at the helms of all our institutions. For example, these poseurs are giving their anemic opinions about a recent book ” The Economic History of Belize from the 17th Century”. Their opinions display total ignorance of history of Belize or deliberate attempt to white wash the fact that Belize came into existence as a slave state to provide cheap labor to enrich England. Now these poseurs never once say this in critiquing this book. You see Belize never had a macro economic history not even today. So how can these poseurs critique the IMF when it makes any pronouncements on the refinancing of the Super bond and the new additional Super Bond to pay off the illegal confiscation of private companies by Dean Barrow. Belize has failed economically and the only way to reverse this failure is to stomp out these poseurs and Dean Barrow.

Leave a Reply

CAPTCHA Image
*