Newly Appointed Cabinet Minister Says There Is Cause for Concern on the Economy

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Updated: August 15, 2016

In the latter part of July, a letter addressed to Belize’s Financial Secretary Joseph Waight began circulating.  The content of that letter was centred on the effects on the economy regarding the BTL Arbitration Award.  In that very document, signed by the Governor of the Central Bank of Belize, Glenford Ysaguirre, several concerns were expressed including the fact that there are several demands for foreign exchange that are yet to be fulfilled including a request from one bank for the sale of twelve million US dollars which he says represents a lengthening queue of pent-up demands from the private sector.  It also noted that the offshore sector is also in jeopardy due to correspondent banking situation and the fact that several banks have recently approached the Central Bank for short term liquidity loans totalling about forty US Million dollars as a temporary option.  Recently appointed Minister of State in the Ministry of Finance, Dr Carla Barnett was asked by Love News if she feels that there are reasons for alarm.

DR CARLA BARNETT

“It is a cause for concern I wouldn’t say alarm because it means that we have a very difficult situation that we have to address but as I said it’s not an alarm it’s a concern and we have to figure out economic policies that will take us out of the situation that we are in, so yes concern.”

Dr Carla Barnett was sworn in as minister on August 9, 2016.