Archive for September, 2010

Belize Prime Minister speaks on BTL benefits

Friday, September 24th, 2010

At the Independence Day celebrations which took place in Belmopan on September 21, 2010, Belize prime minister Dean Barrow spoke about the benefits of Belize Telemedia Ltd since its nationalization about a year ago. He said that BTL will now reduce the price of their inernet service by providing all customers with twice the bandwidth at the same cost.

Also, Dean Barrow announced that the government will make US$3 million available immediately for loans to the small business sector. Only 8 percent of this sum will be given to start-up businesses, major part of it will go to the Development Finance Corporation (DFC).

The Prime Minister also spoke on the important social issues, like expanded assistance and opportunities in education, completion of the Restore Belize initiative, and others.

Statistical Institute of Belize provides optimistic report

Tuesday, September 14th, 2010

The Statistical Institute of Belize issued preliminary results on country’s economy for the first half of 2010, which showed the increase of the latest figures after the worldwide crisis that had great impact on Belize GDP.

According to the information released by the Institute, in the reported period there was a 2.4% growth of the Belizean economy. Producers of government services showed the greatest increase in economic activity, and the highest in ten years; the 16.1% growth in this sector was due mainly to the 2010 Population and Housing Census.

In the tourism industry, there are also signs of recovery: the 8.8% increase in the number of cruise ship passengers, together with a 5.7% hike in hotel room revenue led to an overall increase of 4.2% in the sector of Hotels and Restaurants. The wholesale and retail trade sector also showed a significant growth.

However, according to the report for the first half of 2010, there has been a slowdown in the Construction sector, and considerable slowdown in the Manufacturing sector. The production of citrus concentrates has decreased, as well as petroleum production, however, there has been a 35.3% increase in sugar cane production.

Belize Prime Minister talks on CCJ’s issue

Friday, September 3rd, 2010

Belize Prime Minister Dean Barrow held talks with the President of the Caribbean Court of Justice (CCJ), Michael de la Bastide, on the raising concerns over threats to the court’s existence.

Last week, five eminent persons from the Caribbean community applied to the Trinidad and Tobago Government and called him on to “distance itself” from what is referred to as threats to the existence of the court. Dean Barrow, who is the Caricom leader “with the most direct responsibility for the court”, welcomed the statement and said that the removal of the CCJ from Port-of-Spain would be “very disruptive” for the region.

In August, a story was published in the press showing that Port-of-Spain had spent just over TT$200 million (US$33.3 million) to fund the CCJ since its inception in 2006. According to the report, the Trinidad and Tobago’s share of the US$99.5 million Trust Fund to finance the CCJ, which is intended to replace the London-based Privy Council as the region’s final court, was US$31.6 million. In addition, Port-of-Spain paid nearly US5million to rent properties for the court between December 2004 and May 2010.

In their statement, the eminent Caricom nationals said: “We wish particularly to correct the inference that Trinidad and Tobago is carrying a disproportionate cost of the CCJ. The running costs of the Court are paid from the annual income of a Trust Fund of approximately US$100 million raised by the Caribbean Development Bank. All Caricom countries are responsible for the Trust fund in agreed amounts.”