PM Barrow: GOB will make full payment of US$78 million to Ashcroft Alliance

Posted: Thursday, November 2, 2017. 3:35 pm CST.

By BBN Staff: Yesterday, the Caribbean Court of Justice (CCJ) ordered the Government of Belize to pay US$78 million in ten days in the final case to settle the full compensation for the nationalization of BTL.

Financial Secretary, Joseph Waight told the media that government was disappointed with the ruling and that the exorbitant payout will have an impact on Belize’s foreign reserves.

In response to the CCJ’s ruling on the nationalization of BTL, PM Barrow called a press conference to inform the nation that government will pay the entire sum all at once.

Barrow told the media that government will meet the payment on the date stipulated by the CCJ.

He said that a formal approach had already been made to make the necessary arrangements to pay the sum in installments.

“We will make one payment and be done with it and that’s going to be an end to the saga in so far as the paying off for the nationalization of BTL is concerned,” PM Barrow said.

The US$78 million payout is equivalent to 20% of the country’s foreign reserves.

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