Cabinet met yesterday and a press release announces extraordinary measures to inject some life into the economy. Cabinet will introduce legislation at Friday's House sitting to, quote, "empower the Central Bank of Belize to provide for emergency programs and facilities to assist during unusual and necessary economic circumstances." End quote. It doesn't say clearly exactly how this will work in practical terms, but we take it to mean that the Central Bank will create further liquidity, directly to lend. But it's not clear if that money will go through GOB, or to the Banks, or directly to businesses? It's an unusual measure, and the Cabinet press brief refers to, quote, "unusual and necessary economic circumstances."
Cabinet is also considering, a request by the Minister of Sustainable Development, Landy Habet to review all short-term logging licenses issued on national land for the logging season October 2020 to July 2021. In this case, we are told there is the suspicion of some UDP special licenses having been awarded before the election.
Cabinet has also appointed an inter-ministerial committee to quote, "review the Misuse of Drugs Legislation to recommend amendments to facilitate the proper development of the hemp industry and to establish a national hemp policy as well as monitoring mechanisms." Members include the Minister of Agriculture, Jose Mai, Minister of Home Affairs and New Growth Industries, Kareem Musa and Minister of Sustainable Development, Landy Habet.
Cabinet also approved a supplementary budget which it will present on Friday.
And, Cabinet confirmed that a state funeral will be held for Dr. Dame Minita Gordon - with a date to be announced.
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