PM Briceno Says GOB is Looking to Establish a Fuel Contingency Fund

In March the Government announced that it reduces levies on diesel by 76 cents per gallon to alleviate motorists. Countries all over the world are enduring fuel price surges as a direct consequence of Russia’s invasion of Ukraine. Though future prices are impossible to predict, the Government of Belize continues to examine all viable policy options for minimizing the fuel price shock, balancing as best as possible between the twin demands of affordable pump prices and national budgetary requirements. One of those options, according to Prime Minister John Briceno, is to create a contingency fund.
John Briceño, Prime Minister of Belize: “Very very limited as you rightly said. We are in the process as it is to set up a fund, a contingency fund from through the Central Bank that will help us to hold down the price as best as we possibly can. Even in areas like California, the price of Diesel is probably, is as high as it is in Belize and the only way we can hold that down is because we have been removing some of the taxes and you all get excited because Barbados reduced a few cents. We have reduced our taxes by over a dollar. We are talking about millions of dollars that we are holding it down and that is again what you all should be coving to show how our Government has been innovative in finding ways to ty to hold it down as best as we possibly can but, there’s no magic wand and it is easy for the Opposition to be able to scream and shout and continue their blah blah blah but they gave you no examples as to what is it that they are going to do and it’s simply because they are devoid of ideas. They are bankrupt of ideas. When you see that they end up with a leader as to the one that they presently have, that explains the sorry state of the United Democratic Party.”

Also commenting on the high fuel prices is Education Minister Francis Fonseca.
Francis Fonseca, Minister of Education: “That’s an ongoing challenge. As you know, it’s on all across the globe we’re dealing with that issue. The Government has on several occasions absorbed the increases. Everytime we do that, it’s costing the taxpayers millions of dollars so it’s not sustainable to take that approach. You know but we’re looking at all other options as, you know, we’ve tried to put in place a stabilisation fund at the Central Bank. We’ve also provided relief for specific targeted sectors like the tourism sector, the transport sector which we believe are critical to economic development. So that work is ongoing. We are consistently, continuously discussing that matter, looking for ways in which we can assist to provide some relief but there’s no easy answer to that issue.”