The University of Belize is the only educational institution in Belize which offers degree programs at both the Associates and Bachelor’s levels, and each year enrollment grows. But the institution has not been without its fair share of hiccups, drama and outright controversy. Even now, there is still tension between the office of the President, [...]
There is more gas pain to report on tonight as the cost per gallon of diesel will increase by thirty-two cents at midnight. Motorists will now be paying ten dollars and twenty-three cents, up from nine dollars and ninety-one cents per gallon. While the cost of diesel is on the rise, the price per gallon [...]
Prime Minister Dean Barrow had a lot to say on Monday in his hour and half presentation…some of it positive and some of it not so positive. One particular item which falls into the ‘positive’ category is the National Bank of Belize Limited. The P.M. says the bank already has a Board of Directors, a [...]
The International Monetary Fund (IMF) concluded its yearly review of Belize’s economy on April eighteenth, 2013. This exercise began in November, 2012 and is carried out with guidance from IMF’s Article Four. Three major recommendations are covered by the Mission: output growth, debt and debt management, and measures to strengthen Belize’s external position. First, on [...]
Belize is establishing its first credit report system that when completed, financial institutions will be able to share credit information and improve on lending risks. The Central Bank is with support of the Canadian International Development Agency. News Five’s Jose Sanchez reports. Jose Sanchez, Reporting The International Finance Corporation is assisting Belize to develop [...]
A national project spearheaded by the Caribbean Development Bank’s Basic Needs Trust Fund was launched today in Belize City. Present for the occasion is Darran Newman-Belgrave, Portfolio Manager for (Basic Needs Trust Fund) BNTF’s Social Sector Division. Speaking at the gathering was Minister of State in the Ministry of Finance and Economic Development Santiago Castillo. [...]
There is some good news tonight that will affect households across the country. The price of butane is going down significantly effective this Wednesday. A release from the Supplies Control Unit says that prices are going down by three dollars when you buy a hundred pound cylinder. The lowest prices are for Belize City and [...]
The debate on the 2013-2014 budget lasted a full two days, closing late on Friday. There was a noticeable lessening of the venom and vitriol which has become characteristic of every House session, but there was very spirited commentary offered on the budget presented by Prime Minister Dean Barrow which was passed by the House [...]
After six o’clock this evening, the budget debate concluded in the House of Representatives. The budget for the new financial year starting April first, calls for nine hundred and thirty-four million dollars in spending and eight hundred and seventy one point seven million dollars in revenue and grants; a deficit of sixty-two million point two [...]
While the budget debate took place in the House of Representatives, in the boardroom of the Chamber of Commerce and Industry, the budget was also analyzed. The Chamber’s contributions are contained in a letter to the Prime Minister. It notes that while spending has increased by seventy-two million dollars more than last year, and there [...]
The 2013-2014 budget debate took place in the House this morning. The Speaker called for good behavior and by and large House members were in true form restraining from the usual mudslinging. But he would note later during the presentations that few members had actually referred to the estimates. The Leader of the Opposition, Francis [...]
No press conference held by Prime Minister Dean Barrow on any matter related to the economy would be complete without an attack on Lord Michael Ashcroft. The Prime Minister on Wednesday announced the terms of the restructured debt of the Belize bond 2038 and again Ashcroft’s name came up. According to the PM the restructured [...]
On Wednesday the Prime Minister did not give a specific figure on the money spent on the restructuring of the Belize Bond 2038 but he did admit it is “astronomical.” Because the super bond as it was called, has been on the books for some time, we checked the 2013/2014 estimates to see if there [...]
In November of 2012 there was a major blow up between GOB and the IDB after Belize’s application for policy-based loans was blocked by the US Treasury. Prime Minister Barrow was infuriated…so much so that he attacked IDB President Luis Alberto Moreno and called him a coward for bowing to the wishes of the US [...]
The much condemned and now newly minted super-bond is now the Belize Bond 2038, a done deal with a majority of bondholders signing on and the balance will follow suit under a collective action clause. The numbers have been thrown about since last week, but today Prime Minister Dean Barrow was all smiles as he [...]
At his press conference of the Belize Bond 2038, the PM said the terms of the restructuring of the five hundred and thirty million US dollars bond is cause for celebration and jubilation. But it also calls for glaring scrutiny of the prudent fiscal management in maintaining the sustainability of the national debt. To this [...]
The budget debate for the 2013-2014 financial year which begins April first, takes place next week in the House of Representatives. When the proceedings get underway, the opposition will be presenting its official position to the estimates that were introduced to the House on March first. But before that happens, we have been looking at [...]
Earlier in the newscast we told you about the Prime Minister’s celebration over the Belize Bond 2038. But at the press conference, the media raised the matter of the cost of the restructuring, including legal fees, payment to advisors and payments to the renegotiating team. Prime Minister Dean Barrow did not come up with an [...]
Still on the restructuring, Ambassador Mark Espat is the head of the team which worked on the debt restructuring with bondholders that resulted in the Belize Bond 2038. Espat was also an integral part of the team which, under the previous administration in 2007 negotiated what has been dubbed the super-bond. Today, he compared the [...]
There is some good news for households and that is that the price of butane gas has gone down in every district. The reduced prices kicked in over the weekend and show a dollar less for the price of hundred pound cylinder. In Belize City and Corozal, it is selling for one hundred and sixteen [...]
The government has announced that the Super Bond has been successfully launched. As of today, holders of eight-six point one-seven percent of the country’s U.S. Dollar Bonds due in 2029 had tendered their bonds in response to Belize’s February fifteenth, 2013 offer to exchange those instruments for new Belize U.S. Dollar Bonds which will mature [...]
The Government presented its budget for fiscal year 2013-2014 last Friday and debate takes place next week. Prime Minister Dean Barrow stated that the economy grew by five point three percent in 2012, and it will continue at a modest pace of three percent this financial year. According to the P.M. there will also be [...]
The second reading of the General Revenue Appropriation Bill for Fiscal Year 2013/2014 took place this morning during a meeting of the House of Representatives. The presentation of the budget proposals for the upcoming financial year was made by Prime Minister Dean Barrow. He emphasized that the impending fiscal calendar will not see any new [...]
In the banking and financial sectors, Prime Minister Barrow also reported that there is excess liquidity in commercial bank holdings due, in large part, to foreign direct investments, as well as tourism. The surplus, he said, serves to limit the interest rates currently applied to loans. Prime Minister Dean Barrow “Reflective of the [...]
There has been a breakthrough in the superbond restructuring. The Belize Coordinating Committee has announced that all of its members have agreed to tender their old bonds for the new exchange offer. According to AJ Mediratta, Co-Chair of the Committee, “The Committee appreciates the Government of Belize’s willingness to negotiate in good faith and to [...]
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