Category: Politics & Government

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 $4-Billon (Bz$).

VIDEO BELOW

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.

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 – digitalbelize@gmail.com

On Friday November 20th. The ‘Inter-American Development Bank’ (IDB) and the ‘World Bank Group’, and the ‘Central American Bank for Economic Integration’ (CABEI) held a virtual meeting with leaders and ministers of Belize, Costa Rica, Honduras, El Salvador, Guatemala and Nicaragua, to update the action plan for helping these countries cope with the impacts of hurricanes Eta and Iota

The flooding caused by Hurricane ‘ETA’ and then Hurricane ‘Iota’ has devastated almost all farms in Belize that produce fruits, vegetables and grains. Additionally, some farmers have lost livestock, support equipment and animal-housing structures. The estimated damage is still being tabulated and at the writing of the article the damage to infrastructure, road and bridges and farms are in excess of $174-million (US$), most of which were not insured against flooding.

In a statement released today (press release) The IDB, CABEI and World Bank Group, said

“The IDB’s response began immediately following Hurricane Eta and has been expanded in light of the damages caused by Hurricane Iota. In coordination with national authorities, United Nations agencies, the World Bank Group and CABEI, the IDB is advancing a joint action plan to finance humanitarian assistance and reconstruction works in Guatemala, Honduras and Nicaragua, the most severely affected countries. In Panama, El Salvador, Costa Rica and Belize, the plan will finance measures to rehabilitate affected infrastructure”.

Written & Compiled by: digitalBelize,LIVE Staff writer – digitalCaribbean.live Monday, November 23rd.. 2020 – digitalbelize@gmail.com