Of the eight bills that the government tabled on Friday, four are related to the government’s fiscal plan to address the challenges of COVID-19 and the recent weather-related disasters. One of those bills is the Central Bank of Belize Amendment Bill of 2021. Through this amendment, the Central Bank of Belize can provide for emergency programs and facilities in unusual and exigent economic and financial or systemic circumstances. According to Prime Minister Briceño, this bill will assist the government in jumpstarting the economy.

Prime Minister John Briceño


“Madam Speaker just as a way of explaining as to what we are trying to do. The backdrop against this bill that we are presenting today is basically that it has do to with the miserable state of the government finances and economy. In times of economic recession governments what they usually do is that they try to spend money to try to stir up the economy and then government undertakes massive spending and this would have been the strategy of we have money but unfortunately as it stands right now the U.D.P. government has had no contingency fund in place and their debts were already at unsustainable levels. What we are trying to do here is to do this amendment to Central Bank to be able to jump start the economy and in particular enabling a cheaper source of finance to those generate foreign exchange. So this bill, what we are doing is to simply to be able to empower the Central Bank to be able to provide for emergency programs and facilities in unusual and exigent economic, financial system circumstances.”

Channel 5