Archive for May, 2009

2009 Article IV Consultation with Belize concluded by IMF

Saturday, May 23rd, 2009

The Executive Board of the International Monetary Fund (IMF) has concluded its Article IV consultation with Belize. As a conclusion, it noted that a performance over the past few years was quite good despite significant losses resulting from severe tropical storms. So, Belize has appeared to be relatively resilient to the global crisis. Still, Belioze is expected to be vulnerable to it in 2009.

Macroeconomic performance during 2008 was favorable. Despite 2 tropical storms, real GDP increased by about 3%. Domestic price inflation rose to nearly 10% by mid-2008, and by February 2009 inflation declined to 1.5%.

The current account deficit of Belize widened sharply to 10% of GDP in 2008. Gross international reserves of Belize’s Central Bank rose to USD 166 million at end-2008.

National Stakeholders Consultation held in Belize

Sunday, May 17th, 2009

On May 14, 2009, the Ministry of Agriculture and Fisheries held an all day National Stakeholders Consultation at the Belmopan Hotel. This was the exercise attended by more than 60 persons coming from various sectors including representatives of the public sector, farmers’ organizations, and private providers.

The theme of the event was: “Strengthening of the National Extension Service”.

This consultation is the final phase after recommendations from the Food and Agriculture Organization to carry out a further assessment on the supply-demand aspects of the extension services in the jurisdiction. The event is aimed at presenting consultants’ findings and recommendations and to particularly emphasize the needs and demands of the agro-productive sector.

Court concludes that Musa Government acted illegally

Tuesday, May 12th, 2009

The Government of Belize announced that it is weighing its options against the Belize Bank. This statement was made because the Supreme Court has ruled that the Government acted illegally in borrowing money from the bank. The Barrow Government wants the Belize Bank to give back the USD 10 million that was received from Taiwan and says that the case could also amount to a criminal offence.

However, a statement issued by the Belize Bank claims that the order made by the court did not address an undisclosed Settlement Deed of March 2007. Also, the Bank insists that it still has a legal claim against the government for the loaned money.

Belize Government demands USD10 million of Taiwan money from Belize Bank

Tuesday, May 5th, 2009

On April 30, Supreme Court Justice Minnet Hafiz declared the March 2007 loan note of $33.5 million, given by ex-Prime Minister Said Musa to the Belize Bank to settle the private debt of Universal Health Services as unlawfully contravening sections 7(1) and (2) of the Finance and Audit (Reform) Act, 2005.

Now the administration of Dean Barrow is demanding the return of USD 10 million that was a gift by Taiwan for healthcare in Belize, which was used by the Musa administration to help pay off the debt.

The Government of Belize noted that it is considering its options carefully in order to take further actions regarding this matter.