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The Payment Due is 25% of Belize’s Foreign Reserves

The US $78 Million that Government says it will pay by November 10 is approximately 25% of Belize’s Foreign Reserves. The payment is due just before Christmas and the PUP says it’s when the demand for foreign reserves is at the highest. The Opposition is demanding that GOB makes sure that the Belize Dollar is not threatened and that the private sector has access to foreign reserves. However, Prime Minister Dean Barrow said yesterday that Belize’s reserves are comfortably stocked.

Rt.Hon.Dean Barrow, Prime Minister

“The prudential standards say that you ought to have enough reserves to provide you with import cover for twelve weeks, three months. At the end of the after we make these foreign currency payments to the Ashcroft people next week in fact our import cover will be 15.6 weeks so we are comfortably above what is considered the safe minimum in terms of these international yardsticks and the governor and her team have gone beyond that to look at the position going farther out and so with respect to next year, 2018 they see their end of year import cover as being 13.6 weeks and they are looking at a foreign asset possession at the end of 2018 of $509,964. Now, of course, that can change but in our view the way things are going especially with tourism if that changes it will change in a positive way. This the governor assures me is a very conservative estimate just to be absolutely on the safe side.”