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BELIZE INTERNATIONAL BUSINESS COMPANIES ACT
CHAPTER 270

PA RT X I

Public Investment Companies

120.    In this Part:-

“Approved Stock Exchange” means the International Stock Exchange of the United Kingdom and Republic of Ireland Limited (including the Unlisted Securities Market of the International Stock Exchange), the New York Stock Exchange, the American Stock Exchange, the National Association of Securities Dealers’ Automated Quotation System of the United States of America or any other stock exchange approved for this purpose by the Minister;

“Central Bank” means the Central Bank of Belize established under the Central Bank of Belize Act;

“connected person” means a person over whom another person has control, and in the case of a company, means a company over whom another person has the power to secure that the affairs of the company are conducted in accordance with the wishes of that person;

“financial year” means the period of one year to the last day of which the company prepared its accounts;

“gross tangible asset value” means the value of the aggregate of the tangible assets of the company as show in the most recent audited accounts of the company or as certified by the auditor of the company, leaving out of account any debt or other obligation owed by a connected person of the company but in each case taking into account where appropriate and in accordance with internationally accepted accounting principles the value of the aggregate of the tangible assets of any subsidiary or subsidiaries of the company as if they were assets of the company;

“Minister” means the Minister of the Government of Belize for the time being responsible for finance;

“net income” means the net income derived from Belize before taxation for a financial year as shown in the audited accounts of the company for that financial year or as certified by the auditor of the company, taking into account where appropriate and in accordance with internationally accepted accounting principles the net income of any subsidiary as if it were the net income of the company;

“net tangible asset value” means the excess of the gross tangible asset value over the aggregate of the liabilities of the company as shown in the most recent audited accounts of the company or as certified by the auditor of the company, taking into account the liabilities of any subsidiary (being a subsidiary whose assets are taken into account in determining the gross tangible asset value) as if they were liabilities of the company;

“subsidiary” means a company more than 50 per cent of the voting shares in which are beneficially owned directly or indirectly by another company;

“tangible assets” means tangible assets in Belize but excluding (except in the case of a licensed financial institution within the meaning of the Banks and Financial Institutions Act) cash and liquid assets.

(2) References in this Part to audited accounts, balance sheets, profit and loss accounts or certificates of an auditor of a company shall mean such accounts, balance sheets, profit and loss accounts or certificates prepared in accordance with internationally accepted accounting principles and any certificate of an auditor shall be accompanied by a balance sheet or profit and loss accounts as appropriate.

(3) References in this Part to the most recent audited accounts means the accounts made up to a date not more than fifteen months earlier than the date of any application under this Part.

(4) This Part and subsections (2), (3) and (4) of section 134 apply only to a public investment company (PIC) which was existing prior to 1st November, 1995, and, subject to (13) of section 124, to any other company which may from time to time be comprised in the PIC Group.

121.-(1) A company incorporated under this Act or which has applied for incorporation under this Act and which fulfils all of the following requirements:-

(a) the company has a net tangible asset value of not less than $2,500,000 (or such higher amount as the Minister may by regulations specify);

(b)   the company has a gross tangible asset value of not less than $25,000,000 (or such other amount as the Minister may by regulations specify);

(c)   either:-(i) the company and its principal operating subsidiaries

(if any); or

(ii) in the case of a company incorporated within the previous twenty-four months, the principal operating subsidiaries of the company,

have carried on business in Belize for a continuous period of twenty-four months (or such period as the Minister may by regulations specify);

(d)   the company had a net income for the most recent financial year of not less than $500,000 (or such other amount as the Minister may by regulations specify);

(e)   the company had an average net income for each of the two previous complete financial years of not less than $375,000 (or such other amount as the Minister may by regulations specify);

(f)   no enterprise of the company or of any of its subsidiaries has been declared to be a development enterprise or an approved enterprise under the Fiscal Incentives Act or any similar such Act subsequently enacted;

(g)   either:-

(i)    the company and its subsidiaries (if any); or

(ii) i n the case of a company incorporated within the previous twenty-four months, the subsidiaries of the company,

have together during a continuous period of not less than twenty-four months (or such other period as the Minister may by regulations specify) provided full-time employment for an average of not fewer than fifty persons resident in Belize; and

(h) either:-(i) the shares of the company are listed, quoted or otherwise dealt in on an Approved Stock Exchange; or

(ii) the company intends that its shares shall be so listed, quoted or otherwise dealt in within twenty-four months of the date of its application,

may submit to the Minister an application for registration as a public investment company in such form as the Minister may by regulation specify.

(2) A company incorporated under this Act which has a net tangible asset value less than that required by subsection (1) (a), a gross tangible asset value less than that required by subsection (1) (b), a net income less than that required by subsection (1) (d) or an average net income less than that required by subsection (1) (e) or all or any of these may nevertheless apply for registration as a public investment company provided that:-(a) the company has entered into a contract or other arrangement to acquire such assets or subsidiaries as would ensure that the company fulfilled the requirements of subsection (1) and such contract or other arrangement provides for the acquisition of such assets or subsidiaries within 30 days of the company becoming a public investment company; and

(b) the company supplies to the Minister such evidence as the Minister may require of the contract or other arrangement and of the value of the assets to be acquired or the amount of the net income of the subsidiaries to be acquired under such contract or other arrangement.

(3)An application for registration as a public investment company shall specify the date upon which the company desires to become a public investment company (which shall be not earlier than the date of the application itself) and shall be accompanied by:-

(a)   such accounts or certificates as are mentioned in section 120 above or in this section;

(b)   either:-(i) a copy of such listing particulars or other evidence as

shall be satisfactory to the Minister showing that the shares of the company are listed, quoted or otherwise dealt in on an Approved Stock Exchange; or

(ii) a declaration that the company intends to seek a listing, quotation or dealing facility for its shares on an approved Stock Exchange within the time limit specified in subsection (1) (h) (ii) of this section; and

(c)   (where appropriate) such evidence as is required by subsection (2) above.

(4)Where the Minister is satisfied that a company fulfils the requirements for registration as a public investment company he shall within thirty days of receipt of the application give to the company a written statement to that effect which shall indicate the period of exemption for the purposes of section 122 (if that period is less than thirty years).

(5) Where the Minister is not satisfied that a company fulfils the requirements for registration as a public investment company he shall within thirty days of receipt of the application give to the company a written statement of the reasons why he considers that the company does not fulfil those requirements.

(6) Within thirty days after the receipt of a written statement from the Minister under subsection (4) of this section the company shall supply to the Registrar a copy of the written statement of the Minister and the Registrar shall then:-

(a)   enter on the Register a statement to the effect that the company is a public investment company; and

(b)   issue to the company a certificate stating that the company is a public investment company and the date from which the company shall be so regarded (which date shall be the date specified in its application for registration),

and the company shall then be a public investment company from the date specified in its application for registration.

(7) Where a company fails to supply to the Registrar a copy of the written statement of the Minister within the period specified in subsection (6) above, the application of the company for registration as a public investment company shall be deemed to have lapsed.

(8) Subject to subsection (9) below, where a company has obtained registration as a public investment company on the basis that the company intended to obtain a quotation on an Approved Stock Exchange within the period specified in subsection (1) (h) (ii) of this section and the company fails to obtain a quotation within that period, then:

(a)   the company shall be regarded for all purposes of this Act as if the company had at no time been a public investment company;

(b)   the company shall notify the Registrar of the failure to obtain a quotation within one month of the end of the period specified or of the failure to obtain a quotation (whichever shall first occur) and return to the Registrar the certificate issued under subsection (6) of this section; and

(c)   on receipt of such notification, the Registrar shall remove from the Register the statement to the effect that the company is a public investment company and cancel the certificate. (9) (a) In this subsection:-“bona fide shareholders” means the beneficial owners of shares in a public investment company and shall exclude any holder who is party to an arrangement or understanding designed to achieve satisfaction of the condition set out in subparagraph (b) (iii) below including, but not limited to, any arrangement or understanding with other holders of shares in the company or with any other person which fragments a holding of shares in the company or provides for the transfer of shares in the company upon request;

“fully diluted share capital” means the aggregate of all the issued shares in the company and any shares which would be issued if all securities of the company which are convertible into shares were so converted.

(b) Where a company:-(i) had obtained registration as a public investment company on the basis that the company intended to obtain a quotation on an Approved Stock Exchange within the period specified in subsection (1) (h) (ii) of this section;

(ii) the company had failed to obtain a quotation within that period;

(iii) a t the end of that period not less than twenty per cent of the fully diluted share capital of the company is owned by not fewer than 500 bona fide shareholders,

then subsection (8) shall not apply to such company and the company shall continue to be regarded as a public investment company;

(10)Where a company has applied for or obtained registration as a public investment company in accordance with the provisions of subsection (2) of this section and the company fails to acquire the assets or subsidiaries mentioned in that subsection within the period specified in subsection (2) (a), then:

(a)   if the company has not yet been entered on the Register as a public investment company, the company shall notify the Minister within one week of the end of that period of the failure to acquire the assets and the application of the company for registration shall immediately be deemed to have lapsed;

(b)   if the company has been entered on the Register as a public investment company:-(i) the company shall be regarded for all purposes of this Act as if the company had at no time been a public investment company;

(ii) the company shall notify the Registrar within one week of the end of that period of the failure to acquire the assets and shall return to the Registrar the certificate issued under subsection (6) of this section; and

(iii) o n receipt of such information the Registrar shall remove from the Register the statement to the effect that the company is a public investment company and cancel the certificate.

(11)Any company which fails to notify the Minister in accordance with subsection (10) (a) or the Registrar in accordance with subsection (8) or subsection (10) (b) within the relevant time limit set out in those subsections shall be liable to a fine of two hundred fifty dollars per day from the date of expiration of the time limit until the company does so notify the Minister or the Registrar as appropriate.

122.-(1) In addition and without prejudice to the exemptions from taxes and duties conferred on companies incorporated under this Act by section 130 of this Act, a public investment company shall be exempted from all forms of taxes and duties whether computed on revenue, profits or income of any kind or by reference to any capital asset, gain or appreciation, and whether in the nature of income tax, corporation tax, revenue tax, withholding tax, stamp duty, land tax, capital duty, sales tax, value added tax, customs or import duty or of any tax or duty of other nature, and whether presently existing or hereafter enacted, for a period of thirty years from the date on which the company first becomes a public investment company or such lesser period as the Minister shall in a particular case and at the time of making his written determination under subsection (4) of section 121 determine.

(2) The Minister may by notice in writing to a public investment company extend the period of exemption granted to that company under subsection (1) above and such notice shall specify the period of the extension.

123.-(1) If the directors of a public investment company shall so resolve, section 74 shall thenceforth not apply to that company.

(2) Section 88 and section 91 (1) (c) shall not apply to a public investment company.

(3)(a) Where a public investment company has prepared a prospectus or similar document in compliance with the requirements of an Approved Stock Exchange and has filed a copy thereof with the Registrar, the company shall be entitled (but not required) to distribute that prospectus or similar document in Belize.

(b) Where a public investment company distributes a prospectus or similar document in accordance with paragraph (a) of this subsection, the company shall be deemed to have complied with all requirements of the law of Belize whatsoever with respect to the content, circulation, distribution and filing of such prospectus or similar document.

(4)Where, but for the provisions of paragraph (b) of subsection (1) of section 5, a company would be a public investment company, the company shall be deemed to have complied with the requirements of the said subsection.

(5)Notwithstanding anything contained in section 5 of this Act, a public investment company may own an interest in real property situate in Belize.

(6)In its application to a public investment company, the word “business” in paragraph (1) (a) of section 5 shall not include the management of funds belonging to persons resident in Belize.

(7)Subject to any provisions contained in the Articles of a public investment company, where a scheme or contract involving the transfer of shares or any class of shares in a public investment company (in this section referred to as “the transferor company”) to another company, whether a company within the meaning of this Act or not (in this section referred to as “the transferee company”), has, within four months after the making of the offer in that behalf by the transferee company been approved by the holders of not less than 50% in value of the shares whose transfer is involved other than shares already held at the date of the offer by, or by a nominee for, the transferee company or its subsidiary and by the directors of the transferor company, the transferee company may, at any time within six months after the making of the offer, give notice to any dissenting shareholder that it desires to acquire his shares, and when such a notice is given the transferee company shall be entitled and bound to acquire those shares on the terms on which, under the scheme or contract, the shares of the approving shareholders are to be transferred to the transferee company:

Provided that where shares in the transferor company of the same class or classes as the shares whose transfer is involved are already held as aforesaid to a value greater than one-tenth of the aggregate of their value and that of the shares, other than those already held as aforesaid, whose transfer is involved, the foregoing provisions of this subsection shall not apply unless the transferee company offers the same terms to all holders of the shares, other than those already held as aforesaid, whose transfer is involved, or, where those shares include shares of different classes, of each class of them.

(8) Subject to any provisions contained in the Articles of a public investment company, where, in pursuance of any such offer and such scheme or contract as is referred to in subsection (7) above, shares in a company are transferred to another company or its nominee, and those shares together with any other shares in the first-mentioned company held by, or by a nominee for, the transferee company or its subsidiary at the date of the transfer comprise or include 90% in value of the shares in the first-mentioned company or of any class of those shares, then:-(a) the transferee company shall within one month from the date of the transfer, unless on a previous transfer in pursuance of the scheme or contract it has already complied with this requirement, give notice of that fact to the holders of the remaining shares or of the remaining shares of that class, as the case may be, who have not assented to the scheme or contract; and

(b) any such holder may within three months from the giving of the notice to him, himself give notice requiring the transferee company to acquire the shares in question,

and where a shareholder gives notice under paragraph (b) of this subsection with respect to any shares, the transferee company shall be entitled and bound to acquire those shares on the terms on which under the scheme or contract the shares of the approving shareholders were transferred to it, or on such other terms as may be agreed or as the court on the application of either the transferee company or the shareholder thinks fit to order.

(9) Where a notice has been given by the transferee company under subsection (7) of this section, the transferee company shall, on the expiration of one month from the date on which the notice has been given, transmit a copy of the notice to the transferor company together with an instrument of transfer executed on behalf of the shareholder by any person appointed by the transferee company and on its own behalf by the transferee company, and pay or transfer to the transferor company the amount or other consideration representing the price payable by the transferee company for the shares which by virtue of this section that company is entitled to acquire, and the transferor company shall thereupon register the transferee company as the holder of those shares.

(10)Any sums received by the transferor company under subsection (9) of this section shall be paid into a separate bank account, and any such sums and any other consideration so received shall be held by that company on trust for the several persons entitled to the shares in respect of which the said sums or other consideration were respectively received.

(11)In subsections (7) and (9) of this section, the expression “dissenting shareholder” includes a shareholder who has not assented to the scheme or contract and any shareholder who has failed or refused to transfer his shares to the transferee company in accordance with the scheme or contract.

(12)In its application to a public investment company, section 11 (1) shall include the words “Public Limited Company” and “Public Limited Corporation” and the abbreviations “PLC” and “PLCorp”.

124.-(1) In this Part and Part XIII, the expression “PIC Group” means all companies incorporated otherwise than under this Act-(a) more than 50% of the voting share capital of which is owned by a public investment company (in this section and section 125 called “the Group Holiday Company”); and

(b) which are carrying on substantial business in Belize or abroad, or act as intermediate holding companies in the PIC Group, provided that each such company has issued and fully paid up share capital of not less than $25,000.

(2)Notwithstanding anything contained in the Income and Business Tax Act, a company comprised in a PIC Group shall pay income at a rate of twenty cents per dollar less than the rate prescribed by section 21 of the Income and Business Tax Act.

(3)Section 22 of the Income and Business Tax Act shall not apply to the payment of any dividend by any company comprised in a PIC Group to another company comprised in the PIC Group or to the Group Holding Company.

(4) (a) No deduction of an accounting for tax on mortgage and debenture interest shall apply to any payment by a company comprised in a PIC Group; and

(b) any other provision of the Income and Business Tax Act

which requires that a sum in respect of tax shall be withheld on the making of any payment whatsoever shall not apply to any payment by a company comprised in a PIC Group.

(5) Subsection (3) of section 130 of this Act shall apply to a company comprised in a PIC Group as it is expressed to apply to a company incorporated under this Act.

(6)Notwithstanding anything contained in the Income and Business Tax Act, any payment by a company comprised in a PIC Group of:-(a) a dividend or other distribution (whether by way of distribution of a profit of an income or capital nature); or

(b) of interest or principal on any indebtedness, to the Group Holding Company or to another company comprised in the PIC Group shall not be regarded as the income of the recipient.

(7)Notwithstanding anything contained in the Exchange Control Regulations Act or the regulations made thereunder, a company comprised in a PIC Group shall not be required to obtain exchange control permission for:-(i)    the repayment of the principal of any indebtedness; (ii) the payment of any interest on any indebtedness; or

(iii) the payment of any dividend or other distribution (whether by way of distribution of profit of an income or capital nature):

Provided that a company so exempted shall nevertheless if so requested by the Central Bank, furnish the Central Bank with particulars of the amount, date and type of payment or repayment so made.

(8)Subsection (2) of section 71 of the Companies Act shall have effect as regards a company comprised in a PIC Group as if paragraph (b) thereof were omitted.

(9)A company comprised in a PIC Group may if so authorised by its Articles, purchase its own shares and sections 48 to 58 of the Companies Act shall not apply to any reduction of capital consequential thereto but section 36 of this Act shall apply as if the company were incorporated under this Act.

(10)Section 27 of the Companies Act shall not apply to a company comprised in a PIC Group.

(11)Notwithstanding any restriction provided by the Companies Act on the power of a company to alter its Memorandum or Articles, a company comprised in a PIC Group may by special resolution adopt or make any amendment to its Memorandum or Articles, such adoption or amendment not to take effect until approved by the Minister.

(12)Notwithstanding anything contained in the Exchange Control Regulations Act or the regulations made thereunder, a company comprised in a PIC Group shall not be required to obtain exchange control permission for the purpose of entering into any loan or other liability to the Group Holding Company.

125.-(1) This section shall apply to those companies which are comprised in a PIC Group and are specified in subsection (2) below, notwithstanding anything contained in the Income and Business Tax Act.

(2)All companies which are comprised in a particular PIC Group at the end of a particular basis year (the “group companies”) shall be charged to income tax on their combined chargeable income for that basis year, and for the purpose of ascertaining that combined chargeable income they shall be treated as if they were a single company.

(3)The single company referred to in subsection (2) above in respect of a particular basis year shall for the purpose of the carrying forward of losses under section 15 of the Income and Business Tax Act be treated as the same single company as that in respect of any other basis year, notwithstanding any change in the identity of the group companies from one basis year to another.

(4)The single company referred to in subsection (2) above shall for the purpose of the carrying forward of losses under section 15 of the Income and Business Tax Act be treated as carrying on the trade in which the loss was sustained for so long as any group company in any basis year actually carries

on any trade or business.

(5) A group company which is not comprised in the PIC Group at the beginning of the relevant basis year shall in respect of the preceding basis years of that group company be treated for the purpose of the carrying forward of losses under section 15 of the Income and Business Tax Act as if it were the same company as the single company referred to in subsection (2) above, except that this subsection shall not apply to a group company which does not during the relevant basis year carry on the trade or business in which the loss was sustained.

(6)A return of the deemed income of the single company referred to in subsection (2) above (a “group return”) shall be filed by any group company. The group company which actually files the group return shall be liable to pay the income tax on the deemed chargeable income of that single company at the rate specified in section 124 (2) above to the exclusion of all other group companies.

(7)In default of payment of the tax referred to in subsection (6) above when payment of that tax is due, the group companies shall be jointly and severally liable for the payment of such tax.

(8) The Minister may by regulations prescribe the form of the group return.

(9) In subsection (2) above:-(a) “chargeable income” has the same meaning as in the Income and Business Tax Act; and

(b) “basis year” means the period (not exceeding twelve months) for which the Group Holding Company of the particular PIC Group to which that subsection refers makes up its accounts.

(10)Where a company becomes comprised in a PIC Group, or where the Group Holding Company of the PIC Group changes the period (not exceeding twelve months) for which it makes up its accounts, the period between the last day of the company’s preceding basis year and the first day of the basis year as defined in subsection (9) above shall itself constitute a “basis year” for the purposes of the Income and Business Tax Act.

(11)Where this section applies, the reference:

(a)   in section 31 (1) of the Income and Business Tax Act to “a return ..... in the form prescribed” shall be construed as a reference to a group return; and

(b)   in section 31 (5) of the Income and Business Tax Act to “tax” shall be construed as a reference to the income tax on the deemed chargeable income of the single company referred to in subsection (2) above.

(12)The deemed chargeable income of the single company referred to in subsection (2) above shall not exceed the amount which would, apart from this section, have been the aggregate of the chargeable income of the relevant group companies. In particular, where a group company is not a person resident in Belize and derives income from outside Belize, that income shall not be treated as income of the single company referred to in subsection (2) above.

(13)Nothing contained in the Income and Business Tax Act shall require the Group Holding Company of a PIC Group to furnish any information relating to itself, including (but not limited to) its accounts.

126. If and so often as a public investment company or a member of a PIC Group shall employ an individual who immediately before his employment was not a person resident in Belize and shall certify to the Minister that it had used its best endeavours and had failed to find a person resident in Belize with like qualifications and willing to enter into such employment, such employee shall (notwithstanding anything contained in the Income and Business Tax Act) be exempt from income tax on his income (including all forms of income and benefits in kind) whether or not derived from the employment.

127.-(1) Subject to the provisions of this section, a person resident in Belize for the purposes of the Exchange Control Regulations Act or the regulations made thereunder (in this section called “a Resident”) shall (notwithstanding anything therein contained) be at liberty to purchase shares or securities in a public investment company and make payment to the vendor thereof (or his agent or representative) wherever resident.

(2) In this section “approved financial institution” means a company incorporated under the Companies Act which is a licensed financial institution within the meaning of the Banks and Financial Institutions Act nominated by the public investment company in question and approved by the Minister for the purpose.

(3)Any purchase or sale of shares or securities in a public investment company by a Resident shall be effected through the agency of the relevant approved financial institution, which institution shall on behalf of the Resident make and receive any payments in foreign currency and receive and make corresponding payments from and to the Resident in dollars.

(4)An approved financial institution shall, if so requested, report to the Central Bank all purchases and sales made by it in accordance with the provisions of this subsection.

(5)Notwithstanding anything contained in the Exchange Control Regulations Act or the regulations made thereunder, a Resident or an approved financial institution shall not be required to obtain permission under those Regulations for any action taken in accordance with this section.

(6)In accordance with section 134, a public investment company shall not be required (notwithstanding anything contained in the Exchange Control Regulations Act or the regulations made thereunder) to obtain exchange control permission for the making of any payment to or for the credit of any Resident:

Provided that a company so exempted shall nevertheless, if so requested by the Central Bank subsequent to the making of such payment, furnish the Central Bank with particulars of the amount, date and type of payment so made.

128. Where a company incorporated under this Act is a public investment company, the Registrar shall indicate that fact and the date of expiry of the period of exemption under section 122 in any certificate given under section 136 of this Act.

129.-(1) The Minister may by regulations:-

(a)    add to section 121 (1) further requirements to be satisfied by a company seeking registration as a public investment company and this power may be exercised either generally or in relation to a particular company either before or after its application (but not after the Minister has issued a written statement in respect of that company under section 121 (4));

(b)    make (but shall not be required so to do) any other amendment which has been requested by a public investment company in relation to that company, such amendments to include, but not to be limited to, any amendments clarifying the meaning of any provision of this Part or providing for the method of application of any provision of this Part, and any such amendment shall take effect from such date (not being a date earlier that the date on which the regulations are made) as the regulations shall specify.

(2) Save as aforesaid or otherwise expressly provided in this Part, the Minister shall not be empowered to make any amendments to any provision of this Part.

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The President of the United Mexican States, H.E. Mr. Felipe Calderon Hinojosa has been invited to Belize by Prime Minister of Belize, Right Honorable Said Musa. The Mexican President is planning to visit Belize on June 29-30, 2007.
13/06/2007
The opening of the newest branch of Scotiabank in Punta Gorda to offer a full range of personal and business banking services to residents of Punta Gorda and the surrounding villages has been recently announced.
27/04/2007
Belize has signed Cooperation Agreement with Central American Court. The agreement between the Supreme Court of Belize and the Central American Court of Justice has been signed by Chief Justice of Belize, Abdulai Conteh, and the President of the Central American Court of Justice, Dr. Ricardo Acevedo Peralta.
15/03/2007
Fitch Ratings has assigned an "A'" rating to Belize Sovereign Investments III Limited Notes (BSI III). The rating assigned to BSI III notes is substantially supported by the financial strength of the insurance provider and by the default probability of the Belize's government.
02/03/2007
The closure of debt exchange has been announced in Belize. The bonds to be issued will replace 98% of Belize's commercial external debt. Under the new plan, Musa expects to save USD 301 million in debt servicing costs.
19/01/2007
Minister of Education and Labour Hon. Francis Fonseca announced at a press conference that the minimum wage for agriculture workers will increase by 25% and for shop assistants and domestics by 33%. The changes were announced on January 17 and will take effect on April 1.
29/12/2006
In the end of December, an open letter addressed to the international financial community was published by the International Monetary Fund. The IMF has welcomed the progress, which Belize authorities have made.
18/12/2006
The Belize Government has launched an offer to exchange the country's outstanding commercial indebtedness in return for new USD bonds that will be issued by Belize.
08/12/2006
The Inter-American Development Bank announced that it had approved a USD 25 million fast-disbursing loan for Belize to support its government's agenda of reforms regarding restoring macroeconomic and financial stability, improving its business climate and raising investors' confidence.
31/10/2006
Belize will take part in changing Caribbean economy as it will be represented by its Prime Minister, Rt. Hon. Said Musa, at an upcoming conference in London called "Transforming the Caribbean Economy - new avenues for investment".
30/09/2006
The Government of Belize signed an Association Agreement with the Central American Bank for Economic Integration. The agreement enables Belize to be incorporated to CABEI as a non-founding Beneficiary Member.
28/09/2006
The Government of Belize admitted last week that it was close to default and will have to restructure is debt, although a deficit of GDP was reduced from 9% to 3% in just two years. The Prime Minister Said Musa denies the forthcoming devaluation.
01/12/2005
The Central Bank of Belize announced that United Exchange International Bank is not licensed to provide banking and financial business in or from within Belize.