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[belizeculture]

The Belize Chamber of Commerce has had its say and today, the Belize Business Bureau fired off a release expressing similar sentiments against the expropriation of Belize Electricity Limited.

The Bureau cites three reasons why it is gravely concerned about the takeover. Firstly, the public debt, which is already at eighty-five point eight percent of the Belize G.D.P. will make national finances and available credit unstable, causing a further squeeze on capital for the productive sector. The bureau also says that the private sector is unable to access working capital, which is a direct result of the huge consumption of capital by the public sector. And the third reason is that a lack of honest and constructive communication between the public and private sectors further hurts problem solving.

The release further states that there is a need to revive the National Economic Council to deal with the growing financial challenges and that “we cannot continue to stumble from crisis to crisis.” According to the bureau, the problem that needs immediate attention is the number of private sector businesses that are failing. But it’s going to be a bumpy road ahead since the country’s international credit rating has been downgraded, which will make capital and investment more costly. The bureau also noted that the use of Social Security funds to bailout private sector companies is not a sustainable practice. - Channel 5