By Belize Live News Staff: Prime Minister John Briceño is defending the plan for the Government of Belize and the Social Security Board (SSB) to inject capital into Belize Electricity Limited (BEL), even as reports suggest there is resistance within Social Security to footing part of the bill.
The proposed cash injection, structured through the purchase of preference shares, was framed as a $75 million commitment when 7News asked the Prime Minister about it. Briceño disputed that figure.
“It’s not $75 million. I think it’s less than 75,” he said. “The government is putting up their portion. And so if you and I are partners in this business and money is expected to put in, then both parties have to put in their shares.”
Asked directly about reports of resistance within Social Security, the Prime Minister said no one had brought it to his attention. “Nobody have informed me from Social Security that there’s resistance,” he said, adding that because the deal involves preference shares rather than common shares, contributors stand to earn from it. “These shares are your paid interest. So Social Security will be making monies from that.”
Briceño was firm that the state cannot let the national power company collapse. “The most important point is that no government of Belize can allow BEL to go broke, to go bankrupt,” he said. “We have to keep the lights going. So it is the responsibility of us at the end of the day.”
The Prime Minister said tapping taxpayers is not the preferred route. “Using tax dollars is certainly not something that we want to do,” he said, pointing instead to improving efficiency and possibly revisiting electricity rates.
Pressed on whether Social Security is being compelled to buy in, Briceño said that question is not his to answer. “Really, I don’t know. That’s for the lawyers to decide,” he said. “But we’re hoping that they would do the right thing, that they would participate, because again, the government will guarantee. Just like how we guarantee social security, the government guarantees social security. Government will have to guarantee.”
