Archive for January, 2009

Pump Prices for Fuel

Saturday, January 10th, 2009

On January 5, 2009, the Ministry of Finance informed the general public that fuel products were imported via 2 tankers in December 2008 and therefore there were 2 price changes. The 1st tanker, loaded with Premium and Regular Gasoline, arrived on December 29, 2008, while the 2nd one, loaded with Premium, Kerosene and Diesel Gasoline, arrived on January 3, 2009.

The 1st pump price changes were limited to Premium Gasoline and Regular and became effective on December 30, 2008 (Premium – from USD 6.16 to USD 4.85; Regular – from USD 5.74 to USD 4.55).

The 2nd shipment caused pump price changes for Premium Gasoline, Kerosene and Diesel and came into force on January 4, 2009 (Premium Gasoline – USD 5.44, Regular Gasoline – USD 4.55, Kerosene Oil – USD 4.41, Diesel Oil – USD 4.79).

Investors are confidence in Belize

Monday, January 5th, 2009

To respond to claims that were made by Belize Telemedia Ltd. and Lord Michael Aschroft, on December 18, 2008, the Ministry of Finance stated that such claims are absolutely wrong and no doubt malicious.

It should be reminded that Belize Telemedia Ltd. and Lord Michael Aschroft claimed that the value of the Government of Belize’s Super Bond has plummeted because investors lack confidence in Belize.

Financial Advisor of the Government of Belize Houlihan Lokey indicated that the depreciation in the value of the Government of Belize 2029 Step Up Interest Bonds (so-called GOB Super Bond) over the past 12 months is a reflection of the generalized collapse in the demand for emerging market assets that took place at the end of the summer. So, it is not a reflection of lack of confidence in Belize from the side of the international financial community.

Analysts of Houlihan Lokey made a comparison of the yields of the Belize Bond and those of the JP Morgan Emerging Markets Benchmark Index over the past 12 months. According to their findings, the Belize Bonds were faring better than the average sovereign issuers in the Index Class.

It is also worth noting that Standard & Poor’s issued its annual credit rating on Belize affirming Belize’s “B” Long and Short Term Ratings and maintaining its stable outlook.