World Bank lowers 2016 forecast for crude prices

February 12th, 2016

According to a forecast made by the World Bank, the price of crude oil in 2016 will fall significantly.

The World Bank places these prices at around US $37 per barrel in its latest Commodity Markets Outlook report. This represents a sharp fall from its October 2015 projection, which had crude priced at US $51 per barrel.

The report indicates that the lower forecast reflects supply and demand factors, early resumption of exports by Iran, greater resilience in US production, a mild winter in the Northern Hemisphere, and weak growth prospects in major emerging market economies.

The report says that oil prices fell by 47% in 2015 and are expected to decline, on an annual average, by another 27% in 2016.

The world index for fuel shows that Belize remains among the countries with the highest prices in Central America and the Caribbean.

Belize PM Barrow wins record 3rd consecutive term

November 5th, 2015

Belizean Prime Minister Dean Barrow won a record 3rd term in general elections, after his party gained a clear majority in parliament.

Barrow, a 64-year-old lawyer, called the vote in late September more than a year ahead of schedule amid signs his political opponents were regrouping and fears generous Venezuelan aid crucial to his budget may be at risk.

UK claims that GBP 45 million UK aid cash given to tax havens is being used to fund public services in countries including Belize

October 30th, 2015

According to Daily Mail, British aid money is being used to subsidise public services in tax havens, an investigation has found.

Daily Mail says that millions of pounds have gone to countries such as Belize as well as Anguilla and Panama, which have such high poverty levels that they qualify for substantial UK development grants. In just one year, Britain paid out GDP 45 million in aid to 13 countries included on a European Commission tax haven ‘blacklist’.

The investigation, published in The Independent, found British aid funds have been used to build an airport in Montserrat, and set aside to pay for roads and ports in Belize, Antigua and Barbuda, and St Vincent and the Grenadines.

Belize and UAE signed bilateral trade agreements

October 14th, 2015

Belize has signed bilateral trade agreements with the United Arab Emirates (UAE), which will become the basis for inflow of private sector, as well as government investments from this country, and will strengthen Belize’s position as the regional energy leader. The model of Belize Natural Energy Limited (BNE) was extremely important in signing the agreement to build relationship between the countries.

Oil was discovered in Belize ten years ago, and BNE believes that the country can share UAE’s experience and vision that the discovery of oil is only the start of economic success story of the country, the UAE providing necessary financial and knowledge-based resources to achieve the success.