Posted: Thursday, September 29, 2016. 1:07 p.m. CST.
By BBN Staff: The Government of Belize (GOB) has issued a press release expressing its disappointment at the decision of the Caribbean Court of Justice (CCJ) this morning on the interpretation of the BTL Settlement Agreement.
According to the press release, GOB does not agree with the ruling of the Court but must accept it.
“It is important to point out that the overall quantum of the Arbitral Award has not been increased or in any wise altered; however GOB now has to pay 10% more of that award in US currency – that is 50% rather than 40% of the total award”, the release states.
The CCJ has said that it is prepared to give GOB time to pay on an installment basis.
The release ends by saying that, “GOB is now determining, together with the Central Bank, the best case scenario to avoid any withdrawal of too large an amount at any one time from the Central Bank Foreign Reserves. Thereafter GOB will put that scenario to the CCJ for approval. On that basis, GOB is comfortable that the ruling will cause no shock to Belize’s foreign exchange position.”
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