Last night we told you about the special Cabinet meeting which is set for Monday, and the special House Sitting which we are now informed will be Wednesday, not Tuesday. But what's it all about; what could be so special? Many have speculated that it's to announce a date for elections - but tonight 7News has confirmed that it's not that. Best information to our newsroom is that Government has hammered out a settlement agreement with Fortis International to compensate the Canadian Power company for taking over BEL.
Our information says that the special Cabinet meeting to sign off on the agreement will be held in Belize City in the morning followed by a press conference in the afternoon - where the Prime Minister will publicly announce the settlement. From there, it will be taken to the house for approval on Wednesday and then the Senate on Friday.
The terms of the settlement are not known - but the Canadian company is expected to receive compensation of well over 100 million Belize dollars for their asset, BEL, which Government took over in June 2011. At that time Fortis said it needed to increase electricity rates or Belize would face rolling power outages - so government swooped in. Since the takeover - thanks in no small part to rapidly declining world fuel prices - the government controlled BEL has lowered rates dramatically. And while we don't know the figures or the terms of the settlement tonight, just from a tactical perspective, it will be seen a major boon for the Barrow Administration - since it will have disposed of one very big question mark and price tag hanging over government's head. The other, with the Ashcroft Alliance for BTL, remains unresolved.
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