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Government & Politics

How will Government’s Decision Affect Belize?

In its ruling the Caribbean Court of Justice, stated that it also reinforced the need to uphold treaty obligations noting that they are quote, “an important factor for foreign investment and economic development has given the advantages of predictability, certainty, and reliability of the global network of arbitration arrangements.” End of quote. So when Prime Minister Dean Barrow was asked if foreign investors would think twice before investing in Belize because of the CCJ ruling, he said that the investors can keep their monies.

Prime Minister Dean Barrow

“Anybody who has any interest in this country – in investing here, in the state of affairs – will know the facts of this matter. Any such person who is a potential investor if that person will say ‘well I have reservations about coming to a country and investing unless I can be sure that even if  I make a corrupt deal’ – you see what’s happening in the world in Brazil, Odebrecht ‘if I make a corrupt deal and somehow I get a court to justify it I will be discouraged because I know I run the risk that the government or a succeeding administration will not honor a corrupt deal.’ anybody who thinks like that you are welcome not to come and invest in Belize.”

Prime Minister Barrow also said that IF the House of Representatives decides not to pay the UHS debt, it will not affect Belize’s reputation among CARICOM member countries.

 

Prime Minister Dean Barrow

“This is a particular case with particular circumstances and I don’t think anybody would extrapolate from the course of action that might take place here if parliament decides to vote no I don’t think anybody can extrapolate from that that all of a sudden Belize is going to make the rule rather than the exception be that we will refuse to honor obligation, that we will refuse to pay debt- we’ve note. Just as how though in terms of even the commercial bond we went and we renegotiated — look man you do what is in the interest of your people and as long as there is nothing arbitrary about your course of action as long as anybody can see that in the circumstances what you are doing is standing up for Belize and that is justified I don’t see that there will be any negative consequences for the investment climate or for the reputation of the country.”

The CCJ also stated that the 2007 arrangement in no way required payment without parliamentary approval.

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