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Jun 24, 2020

Investing in Belize Amid Economic Crisis

Glen Ysaguirre

The completion of an agreement to purchase Scotiabank comes amid an economic crisis brought about by the COVID-19 pandemic.  It is a sizeable investment being made in Belize at a time when there is grave concern and uncertainty about the health of the financial system.  The negotiations began thirteen months ago and the deal is only just being consummated. The former governor explains what the regulatory body is to ensure that all is seamless.

 

Glen Ysaguirre, Former Central Bank Governor

“That is something to be determined really by the investor themselves and the regulator who will eventually have to sanction the deal for it to be consummated.  But there are some things that they probably would need to look at in terms of the timing of the event and as you rightly pointed out that all the negotiations may have taken place pre-COVID and the projections and the outlook for the performance of those portfolios certainly would have changed significantly since COVID.  Now what adjustment has been made in the final agreement to take into consideration those things I am not aware of, but I would hope that those who are looking at the transaction would take those things into consideration.  As to what will happen to the financial system and to the economy post-COVID is still not quite clear to us. You want to make sure that the acquisition or the merger, whatever you want to call it, will not create any disruption to the system and that it is something that can be done as seamless as possible and will not put any undue stress on the financial system and the banking system as it is.”


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