Belize Chamber of Commerce and Industry says No to Petro Caribe

Today the Belize Chamber of Commerce and Industry placed on the record its endorsement of the Business Senator’s vote against the controversial Petro Caribe loan bill 2015. The chamber said that the bill undermines the spirit and intent of the revised Finance and Audit Act of 2005, which it helped to champion. In a press release sent today the Chamber says that they are, quote, ” …alarmed that the government retroactively validated what were clear violations of the Finance and Audit Reform Act 2005, and in respect of which specific penalties were prescribed by the said Act.The Chamber believes that this new Act undermines and effectively reverses all efforts made by the Chamber and the unions in 2005 toward greater accountability and transparency in the handling of public funds. Transparency and accountability should be given greater prominence by the Government of Belize particularly due to the absence of a fully functional Public Accounts Committee to report on Government Expenditure.”  The Belize Chamber of Commerce and Industry is the largest private sector membership based organization in the country. 

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