First 190 million paid in BTL arbitration award

On Wednesday, GOB had to cough up some 190 million dollars for its first payment in the Arbitration Award for the B.T.L. nationalization. The total award is over half a billion dollars which includes interests at eight point three-four percent accumulated over the past seven years. Government paid 60% – or 114 million dollars of the total in Belize currency and 40% in US dollars – amounting to 38 million US dollars. Reports are that the Belize currency was raised through the selling of government treasury bills and btl logonotes, while the US currency came out of the Central Bank Reserves. Media reports are that the Ashcroft Alliance was not too happy about the payment in Belizean currency as they wanted it all in US currency. We understand that Government refused since it would put further strain on the Central Bank reserves.  Government has another year to pay another 190 million dollars, with interest.

About the Author