“Increasing exports the only way to solve foreign exchange problems,” says Chamber of Commerce

By BBN Staff: Today the Belize Chamber of Commerce & Industry (BCCI) called on the Government of Belize (GOB) to create a thriving environment for Belize’s exports, stressing that it is the only way to combat the looming foreign exchange crisis brought on by COVID-19.

The BCCI explained the pandemic and subsequent lockdown measures, affected the tourism industry which normally accounts for more than 40 percent of foreign currency (FOREX) in Belize.

The Chamber said that if exports are to bring in the much-needed level of FOREX, GOB needs to immediately implement suggested revisions to policies and procedures affecting the export sectors, which have been presented by the agriculture, agro-processing, real estate sectors, and even the chamber itself on several occasions.

“Belizean export businesses continue to compete internationally against foreign competitors whose governments are supporting them by providing state loans, credit guarantees, postponed tax payments, wage aid and subsidies, tax reductions, and more. Many such measures have been implemented in response to the pandemic-induced global recession,” the BCCI said.

The Chamber also applauded GOB for the US$-backed Treasury Bill offering announced today by Prime Minister Dean Barrow, calling it an “an innovative way to bolster FOREX reserves,” but stressed that sustainable growth of foreign exchange – and the ability to pay the principal in years 3, 4 & 5 of the announced Treasuries must come via export earnings from goods and service which requires improving Belize’s competitiveness by every available means.

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