Chamber of Commerce says Petrocaribe Act amendments are “redundant”

Thursday, June 11^th, 2015. BMG: The Belize Chamber of Commerce and Industry (BCCI) has taken up a position against the proposed amendments to the Petrocaribe Loans Act, 2015.

Senator Mark Lizarraga, the appointee representing the business community and private sector, says that position came from a meeting of the BCCI executive with its attorneys and consultations following the announcement of the proposed amendments by Prime Minister Dean Barrow.

It is the consensus of those meetings that the proposed amended sections – 3(2) through (4) of the Act are redundant; that is, the proposed amendments are already covered by other laws.

More importantly, some of the real concerns raised by the Chamber and others such as the retrospectivity of the Act concerning loans borrowed before its passing are not addressed.

According to Lizarraga, the chamber has reached out to government in good faith to discuss specific areas of concern with the proposed changes.

The proposed amendments will be tabled at a meeting of the House of Representatives on June 26.

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