Posted: Thursday, October 28, 2021. 1:04 pm CST.
By Aaron Humes: Eleven loans from two institutions in the Republic of China (Taiwan) have been approved for restructured relief by means of suspension of principal repayments for the next two to three years as approved by the House of Representatives and Senate.
The loans from Taiwan total US$202 million and have been repaid in varying degrees. Belize proposes to continue paying interest but suspend principal payments while the national economy comes back together.
The temporary suspension of principal payments on these loans will offer significant financial relief to the government of Belize. It will also allow the Briceno administration to better balance its budget, support a healthy foreign reserves position and protect the value of the Belize dollar.
The relief gained from this decision will also support Belize in improving its fiscal position, particularly in its post COVID-19 economic recovery efforts.
All Senators including those from the opposition and the social partners approved the motion.
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