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Mar 16, 2020

Central Bank Instrumental in Funding Fight Against COVID-19

Dean Barrow

That twenty-five million-dollar loan, which government will secure through the Central Bank of Belize, will be serviced through cost-cutting measures across all ministries at two percent of the recurrent budget.  The role of Central Bank is equally influential in utilizing all available instruments at its disposal to strengthen the resistance of the existing financial system against any developing threat, together with corresponding monetary policies. 

 

Prime Minister Dean Barrow

“What is for sure is that we will pass the budget as originally presented but that there will be this twenty-five million dollars in additional financing that will be used principally for employees affected by the crisis, especially those in the tourism industry.  Now that‘s going to be borrowed money.  The Central Bank is in a position, in fact, to provide on a loan basis those additional funds to government.  It will increase the additional debt, but so what, at a time like this we can‘t be at all shrinking violets.  We can‘t be reluctant, we must come up with a robust response that is seen to be muscular in order to assure our people that we are absolutely going to provide relief. The leader suggested that in order to start to mitigate the fact of that additional borrowing two percent of the already proposed recurrent budget ought to be allocated to assist with the repayment of the twenty-five million dollar loan.  When he said that, Joe Waight broke out in a smile from ear to ear.  For me, I would have spent all the money allocated and the twenty-five million on top of it, but I defer to the leader, especially since he‘s backing up the good and trusty financial secretary with whom I have to work and hear from, get an earful from on a daily basis.”


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