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Jun 4, 2020

Opposition Leader Says Economy Crumbling

John Briceño

While the Prime Minister has launched the first of a kind treasury note to raise U.S. thirty million dollars, Opposition Leader John Briceño today told News Five that the economy is crumbling beneath Barrow’s feet.  He says that the country’s foreign reserves have been limited to two or three months. Banks are cutting down on credit card limits and imported goods are becoming less visible on shelves at supermarkets. Briceño says this is a sign that the level of foreign currency in the country is quickly depleting. 

 

John Briceño, Leader of Opposition

“Banks have already cut down your credit cards, the limits that you have. Business people will tell you that you have to go in a cue to try to be able to get foreign currency to replenish their shelves. If you go to the supermarkets right now you are starting to see empty shelves and that we are running out of products simply because there is no foreign currency. The foreign currency that we have at the central Bank is very limited and for what I am told that at the Central Bank we have probably two months, at best three months, worth of foreign currency. Now the Prime Minister I imagine I trying or the UDP government is banking that they will be getting monies from the IFIs from the International Foreign Institutions but we’ve been hearing this promise from the middle of March that we will be getting monies. March finished. April come. April finish. May come. May finish and now we are in June and we still haven’t gotten a single cent from the financial institutions. Now the concern is that apparently there was an offer from the IMF to assist Belize with eighteen point six million dollars US and I am told that the Prime Minister has announced that he has also refused that. So there is a concern. There is a concern from Belizeans, ordinary citizens of this country who need to go and buy their supplies at the source and the productive sector who also need foreign exchange to be able to buy the materials for them to continue to work and try to grow the economy.”


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