Will GoB pay $90 million to Belize Bank?

BBN Staff: Today the ruling UDP Government is set to introduce a motion in the House of Representatives regarding the payment of an estimated $90 million to the Belize Bank which was ordered in a court judgement late last year by the Caribbean Court of Justice (CCJ).

BBN understands that no vote will be taken and there will be no debate.

According to reliable sources, only the Prime Minister will speak on the introduction of the motion.

The root of the Universal Health Services(UHS) saga date back to 2004 when the then Said Musa Administration signed the Government of Belize (GoB) as a guarantor for a loan the hospital had gotten from Belize Bank.

The hospital then defaulted in the loan obligation and GoB was taken to court.

However, the loan was settled by grants from Taiwan and Venezuela according to former Prime Minister Said Musa.

When the Barrow administration took office, they took back the monies that the Musa Administration had paid to the bank, and since then the matter has been the source of a legal dispute with interest rates accruing.

 

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