The Senate of Belize is usually a dull and sometimes boring political body that is actually doing some critical parliamentary procedures in the governing of the country’s fiscal management and obligations.
Today’s session was theming with the drama of the debate of a motion to ‘Ratify an old Convention’ that is a requirement to proceed with some badly needed ‘Debt Management Requirements’ ; simply put, it is a situation that will help the country of Belize to defer payments and manage a current debt that is in excess of $4-Billon (Bz$).
This morning’s session at the SENATE was opened with the traditional prayer and procedures; – then came the moment to get down to business, and the leader of the new administration in the SENATE, Eamon Courtenay opened with his presentation of a motion to ‘Ratify the New York Convention on Foreign Arbitrary Awards‘ – and the debate on the floor of our seat of government began.
A key point being made by Senator Courtenay is that the Ratification’ of the Convention would include a provision (ie: a reservation) that will indicate that it cannot be applied retroactive; meaning that old debts owed by Belize would not have the permission to apply that ratification to old debts owed by Belize.
In the closing portion of his rebuttal, Senator Michael Peyrefitte adamantly opposed the motion to ratify the convention, stating that it could only benefit British Billionaire Michael Ashcroft.
Senator Peyrefitte added that the process to ratify the ‘New York Convention – For The Enforcement Of Foreign Arbitral Awards‘ was not started by the UDP Administration. Which Senator Courtenay quickly rebuffed with evidence of communications between UDP officials and other international entities that were part of the negotiations about ratifying the convention back when the UDP was running the government.
Editor Notes: URL Research Resources
Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (the “New York Convention”)
Written & Compiled by: digitalBelize,LIVE Staff writer – digitalCaribbean.live – Thursday, January 28th. 2021 – email@example.com