And going back to the house meeting in Belmopan, today the government introduced the Fiscal Incentives (Amendment) Bill.
Once upon a time this was called the Portico Bill, but that project has faded from the spotlight and, we get the sense, lost favor with the government.
But, the principle behind the bill remains the same: to create a tier of investment that can attract mega investments withs special incentives:
UDP Opposes Concessionary Loans
In other house news, two loan motions were presented at this morning's house sitting. The first one details the proposal for a loan motion from the IDB under a sustainable and inclusive Urban Development program for 10 Million USD. The second one, also from the IDB, proposes to Improve the Efficiency, Quality, and Access in Belize's Health System, a 14 million dollar loan.
And while he absented himself from inside the house chamber, the Leader of the opposition did speak to us outside. He says that the effectiveness of these loans is questionable.
Shyne Barrow, Leader of the Opposition "We have the Loan motion and as far as the law motions today, they are going to present $50 million dollars about 48 million dollars in loan motions. This brings us to 1.5 billion dollars under this term of parliament for loan motions and what do we have to show for it? And before you dismiss my comment as political hyperbole look no further than Dr Osmond Martinez the former CEO in the ministry of Economic Development. Saying that in Toledo East it's like going back in the dark ages it's archaic they don't have health care they don't have water supply they don't have anything and it's so deplorable and so sad and yet we come into this honorable house and we've passed many loan motions dealing with Rural Development so one of the criticisms that we have is the lack of transparency the lack of frame work so that there is a pathway to be able to access these funds that we approve. Where do the people in Toledo East where do the people in Corozal in Orange walk in Mesopotamia in Belmopan in Cayo North where do they go to access these funds?"
Bipartisan Support for Disabilities
The Disabilities Bill was also presented this morning. It establishes the National Commission for Persons with Disabilities, and the Disabilities and Equal Opportunities Rights Tribunal. The Bill marks the beginning of an act to "promote, protect and ensure the full and equal enjoyment of privileges, interests, rights, benefits, and treatment by persons with disabilities on an equal basis with persons without disabilities;" The leader of the Opposition says he is in full support.
Shyne Barrow, Leader of the Opposition "So the disabilities act you know I want to commend Marshal Nunez who is the champion behind the disabilities act. It is a very ambitious act and we do hope that the government of Belize will put their money where their mouth is where the ambition is and make sure that all the resources that are needed for this act to truly come alive are dispensed you know Martial Nunez has been an advocate for disabled people for quite a long time he is the premier advocate and I really commend him for this and this is another example of where the opposition can support things that the government is doing it it makes sense for the people of Belize but we do hope as I said that it's just not words on a paper but they put the finances that are needed to bring this very ambitious bill to life."
We'll have more on this bill next week.
Consumers Prices Soared in May
And, in news from earlier in the week, according to the Statistical Institute of Belize, Consumer Prices are up by 4% in May 2024. That's inflation and here's the breakdown:
Melvin Perez, Statistician II "Looking at the period of interest the cumulative inflation rate for the first 5 months of the year 2024 when compared to the same period of the year 2023 stood at 3:9%. This means that overall the average cost of goods that are regularly purchased in a household increased by 3.9%."
"Looking at the major categories affecting the cumulative inflation rate of 3.9% first we had the food and non alcoholic beverages with prices increasing by 6.3%. And I must say that this was the major category contributing to the overall 3.9%. It was followed by restaurants and accommodation services with prices increasing by 11.0% Then housing, water electricity, gas and other fuels with price increases by 2.5 %. On the other hand we had the transport category with prices decreasing by 1.8%."
The city of Belmopan experienced the greatest increase in consumer prices with a cumulative inflation rate of 9.6%.
"We have the Loan motion and as far as the law motions today, they are going to present $50 million dollars about 48 million dollars in loan motions. This brings us to 1.5 billion dollars under this term of parliament for loan motions and what do we have to show for it? And before you dismiss my comment as political hyperbole look no further than Dr Osmond Martinez the former CEO in the ministry of Economic Development. Saying that in Toledo East it's like going back in the dark ages it's archaic they don't have health care they don't have water supply they don't have anything and it's so deplorable and so sad and yet we come into this honorable house and we've passed many loan motions dealing with Rural Development so one of the criticisms that we have is the lack of transparency the lack of frame work so that there is a pathway to be able to access these funds that we approve. Where do the people in Toledo East where do the people in Corozal in Orange walk in Mesopotamia in Belmopan in Cayo North where do they go to access these funds?"
"Looking at the period of interest the cumulative inflation rate for the first 5 months of the year 2024 when compared to the same period of the year 2023 stood at 3:9%. This means that overall the average cost of goods that are regularly purchased in a household increased by 3.9%."