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July 14, 2016

GOB makes 1st payment for BTL

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Posted: Thursday, July 14, 2016. 10:51 am CST.

Posted July 14th 2016, 10:47 a.m CST

Dean Barrow

By BBN Staff: The government of Belize has made its first of two payments as settlement for the nationalization of Belize Telemedia Ltd. (BTL).

Government officials have been mum for the most part regarding the details of the first payment. Financial Secretary Joseph Waight, Central bank Governor Glenford Ysaguirre and Prime Minister Dean Barrow have all been unavailable for comment.

Differing reports estimate the first payment, which was due by July 12, in the range between $190-216 million.

The one certainty is that 60 percent of the payment was to be made in Belize dollars while 40 percent was to be made in US dollars. At the highest estimate the payment would have been BZ $140 million and US $38 million.

There was also reportedly a difference of opinion between GOB and the Ashcroft Alliance over the sum to be paid in US. GOB had indicated that it would be making the payments through Treasury Notes sold to the Central Bank. GOB said it would have made the payments in US dollars from Central Bank reserves.

GOB will need to make the second half of the payment in a year.

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