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Belize Bank says ‘time will tell’

Posted: Friday, December 1, 2017. 10:10 a.m. CST.

By BBN Staff: The Belize Bank, in response to Prime Minister Dean Barrow’s press conference regarding the $90 million UHS ruling handed down by the Caribbean Court of Justice (CCJ), issued a press release disagreeing with the PM.

“The Belize Bank does not concur with the views expressed by the Prime Minister and Government of Belize representatives,” the release said. The bank also added, “Time will tell whose interpretation of matters is the correct one.”

PM Barrow did not confirm that his government would vote ‘no’ against making the payment but said he would advise his ministers to “vote their conscience” when the matter is brought before parliament. Several UDP ministers have already spoken out publicly saying they will not support the motion to make the payment.

The CCJ ruled in favor of Belize Bank, granting the bank an order to enforce a $90 million award against the government of Belize stemming from the 2004 secret loan guarantee made by the Said Musa PUP administration for Universal health Services. The initial award in the London Court of International Arbitration was for $35 million. Barrow’s administration has racked up over $50 million in interest alone trying fruitlessly to battle the matter in court.

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