People’s United Party

Secretariat

PRESS RELEASE

11 July, 2013 The People’s United Party and our Representatives on the Public Accounts Committee of the House of Representative, Chairman Hon. Julius Espat and Member Hon. Rodwell Ferguson, wish to record our very serious concerns regarding STATUTORY INSTRUMENT NO. 63 OF 2013 signed into law on June 20, 2013 by the Prime Minister and Minister of Finance Hon. Dean Barrow. The purpose, intent and effect of this S.I. is to remove all supervisory and/or administrative authority of the Central Bank of Belize over any and all Foreign Bank Accounts operated by the Government of Belize. The Government of Belize including “any ministry or department” is thereby empowered by virtue of this S.I. to open and operate a bank account in any currency, or for conducting any transactions in relation to any securities or otherwise, or for any other dealings in foreign currency, without the knowledge or consent of the Central Bank of Belize. There has been no public explanation offered by the GOB for this retrograde, abusive and arrogant overreach of power which we believe has the potential to lead to abuse and corruption and to expose to risk Belize’s foreign reserve position. The PUP and our PAC Representatives call on the Prime Minister and Minister of Finance to immediately rescind S.I. 63 of 2013 and to restore the lawful authority and oversight of the Central Bank of Belize over Government of Belize Bank Accounts.

END

S.I. 63 OF 2013 ATTACHED. CONTACT: HON. JULIUS ESPAT – 610-3757

Serve the People!
Email: pupsecretariat@yahoo.com

#3 Queen Street, Belize City Telephone: 674-9958 Facsimile: 223-3476

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