Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697644515779.pdf (Belize)
BELIZE No.

HR26/1/13 6.

Papers.

HOUSE OF REPRESENTATIVES Friday, 19th May 2023 10:00 AM -*- -*- -*- S U P P L E M E N T A R Y (1) ORDERS OF THE DAY No.

HR183A/1/13 - Sugar Industry (Licence to Import/Export Sugar) Regulations, 2023.

(The Honourable Minister of Agriculture, Food Security and Enterprise) No.

HR183B/1/13 - Belize Port Authority (Tariff) (Amendment) Regulations, 2004.

No.

HR183C/1/13 - Belize Port Authority (Tariff) (Amendment) Regulations, 2008.

No.
No.

HR183D/1/13 - Belize Port Authority (Verified Gross Mass) Regulations, 2016.

No.

HR183E/1/13 - Belize Port Authority (Tariff) (Amendment) Regulations, 2020.

No.

HR183F/1/13 - Belize Port Authority (Pilotage) Regulations, 2023.

(The Honourable Minister of Public Utilities, Energy, Logistics and E-Governance) 8.

Questions to Ministers.

(See Notice Paper Attached) 12.

Introduction of Bills.

1.

Belize Companies (Amendment) Bill, 2023.

Bill for an Act to amend the Belize Companies Act, No.
11 of 2022 of the Substantive Laws of Belize, Revised Edition 2020; to further facilitate compliance with the Financial Action Task Force (FATF) Recommendation 24; and to provide for matters connected therewith or incidental thereto.

2 2.
Financial Intelligence Unit (Amendment) Bill, 2023. to 2020; comply with Bill for an Act to amend the Financial Intelligence Unit Act, Chapter 138:02 of the Substantive Laws of Belize, the Revised Edition recommendations of the Financial Action Task Force (FATF) Recommendations with respect to laws regarding the collection, analysis, dissemination and exchange of financial law enforcement authorities, financial institutions and reporting entities in Belize and internationally, and disseminating spontaneously and upon request, financial intelligence and information to local and foreign authorities; and to provide for all matters connected therewith or incidental thereto.
information among intelligence and 3.

Insurance Bill, 2023.
Bill for an Act to repeal the Insurance Act, Chapter 251 and the International Insurance Act, Chapter 269 of the Substantive Laws of Belize, Revised Edition 2020; and replace them with new provisions to, develop and promote the maintenance of a fair, safe and stable insurance sector in Belize for the benefit and protection of policyholders and other claimants; contribute to the financial stability of Belize; and to satisfy the requirements of the Financial Action Task Force (FATF) Recommendations and the International Association of Insurance Supervisors (IAIS) Insurance Core Principles; and to provide for matters connected therewith or incidental thereto.
4.

Civil Asset Recovery and Unexplained Wealth Bill, 2023.

Bill for an Act to provide for the civil recovery of the proceeds of unlawful conduct; and to provide for matters connected therewith or incidental thereto.

5. International (Amendment) Bill, 2023.


Limited Liability Companies Bill for an Act to amend the International Limited Liability Companies Act, Chapter 270:01 of the Substantive Laws of Belize, Revised Edition 2020; to provide for the change of name of the International Limited Liability Companies Act to the Limited Liability Companies Act; to remove the restriction on persons resident in Belize; to remove the exemptions granted and to provide for matters connected therewith or incidental thereto.
limited to liability companies; 6.

Lotteries Control (Amendment) Bill, 2023.

Bill for an Act to amend the Lotteries Control Act, Chapter 151 of the Substantive Laws of Belize, Revised Edition 2020; and to provide for matters connected therewith or incidental thereto.

(The Honourable Prime Minister and Minister of Finance, Economic Development, and Investment) 3 7.

Misuse of Drugs (Amendment) Bill, 2023.


Bill for an Act to amend the Misuse of Drugs Act, Chapter 103 of the Substantive Laws of Belize, Revised Edition 2020; to satisfy the requirements of the Financial Action Task Force Recommendations with respect laws regarding proportionate and dissuasive penalties; and to provide for matters connected therewith or incidental thereto.

to (The Honourable Minister of Home Affairs and New Growth Industries) 14.

Public Business.

A.


Government Business I MOTIONS (For Text of Motions see Notice Papers attached) 1.

2.

Central American Bank for Economic Integration (CABEI) - Amendment No.

1 to Loan Agreements No.

1997, 2061, 2054, 2147 and 2295, Loan Amendment Motion, 2023.

Cabinet’s recommendation to be signified.

the Republic of China (Taiwan) - Government of Amendment No.

2 to Loan Agreement No.

025-106001, Loan Amendment Motion, 2023.

Cabinet’s recommendation to be signified.


(The Honourable Prime Minister and Minister of Finance, Economic Development, and Investment) II COMMITTEE OF THE WHOLE HOUSE ON BILLS III BILLS FOR THIRD READING  4 BELIZE No.

HR26/1/13 HOUSE OF REPRESENTATIVES Friday, 19th May 2023 10:00 AM.

-*- -*- -*- S U P P L E M E N T A R Y (1) NOTICES OF QUESTIONS AND MOTIONS Q U E S T I O N S [For Oral Answer] Notice given on 11th May 2023.

*1.
*1.

Will the Minister of Home Affairs please inform this Honourable House if the Member for Toledo West will be arrested and charged for his admission of leaving the scene of an accident before arrival of the police and failing to report the accident he was involved in to the nearest police station?

*2.
*2.

Will the Minister of Housing please inform this Honourable House who has been given the contract to build $15 million in low- income houses budgeted for in the last three budget cycles and was the contract put to tender?

(The Honourable Leader of the Opposition)  NOTICES OF QUESTIONS AND MOTIO 5 BELIZE No.

HR26/1/13 HOUSE OF REPRESENTATIVES Friday, 19th May 2023 10:00 AM.

-*- -*- -*- S U P P L E M E N T A R Y (1) NOTICES OF QUESTIONS AND MOTIONS M O T I O N S 1.
Central American Bank for Economic Integration (CABEI) - Amendment No.

1 to Loan Agreements No.

1997, 2061, 2054, 2147 and 2295, Loan Amendment Motion, 2023.

Notice given on 12th May 2023.
WHEREAS, Belize being a member of the Central American Bank for Economic Integration (CABEI), is eligible for development assistance in the form of loans, grants and technical assistance from the Bank on such terms and conditions as may be agreed between Belize and the Bank from time to time; AND WHEREAS, the Government of Belize has received financial support from the Bank throughout the years and currently has five (5) loan agreements in execution for the following ongoing projects: 1.

2.

3.

4.

5.
2.

3.

4.

5.

Loan No.

1997 - Rural Financing Program, for US$1,905,800, signed on 5th June 2009; Loan No.

2061 - Renovation and Rehabilitation of the Corozal Border Post, for US$6,167,410, signed on 8th June 2011; Loan No.

2054 - Renovation and Rehabilitation of the Southern Highway from the Tramo Dump to Jalacte, for US$4,500,000, signed on 8th June 2011; Loan No.

2147 - Belize US$30,000,000, signed on 21st August, 2015; Integral Security Program, for Loan No.
2295 - Expansion and Rehabilitation of the Phillip Goldson Highway, for US$24,000,000, signed on 19th October, 2022; AND WHEREAS, the interest rate, for these five (5) loan agreements signed between the Government of Belize and CABEI, is currently based on the London Interbank Offered Rate (LIBOR); AND WHEREAS, the LIBOR interest rates will cease to exist on 30th June 2023, and will be replaced with the Secured Overnight Financing Rate (SOFR); (SOFR being a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities); 6 AND WHEREAS, CABEI has informed of its move to adopt the SOFR as its new lending reference rate for its loan portfolio in Belize; AND WHEREAS, the transition to this new lending rate will require amendments, to the five (5) signed loan agreements with CABEI, to indicate the following: “The LIBOR Index shall be replaced with the six-month SOFR, plus a 42.826 basis points credit spread adjustment set by CABEI”; AND WHEREAS, the Government of Belize is required to obtain the prior authorization of the National Assembly, by way of a Resolution, for such Amendment; NOW, THERFORE, BE IT RESOLVED that this Honourable House, being satisfied that this Amendment is necessary and in accordance with international best practices, approves and confirms that the Government of Belize may enter into Amendment No.
1 to Loan Agreements 1997, 2061, 2054, 2147 and 2295 with CABEI as set out above, and further authorizes the Minister of Finance to execute and deliver the said Loan Amendment Agreements and all other documents and agreements connected therewith.

Cabinet’s recommendation to be signified.

2.

Government of the Republic of China (Taiwan) - Amendment No.

2 to Loan Agreement No.

025-106001, Loan Amendment Motion, 2023.

Notice given on 12th May 2023.
WHEREAS, the Government of Belize, through its bi-lateral program of economic cooperation and development with the Government of the Republic of China (Taiwan), requested and received financial support in 2017, from the Government of that country, for general financing purposes; AND WHEREAS, the financial support received was in the form of a long-term concessionary loan from the Mega International Commercial Bank Co. Ltd. of the Republic of China (Taiwan), in the principal amount of US$25 million; AND WHEREAS, the interest rate for this loan agreement, signed between the Government of Belize and Mega International Commercial Bank Co. Ltd., is currently based on the London Interbank Offered Rate (LIBOR); AND WHEREAS, the LIBOR interest rates will cease to exist on 30th June 2023, and will be replaced with the Secured Overnight Financing Rate (SOFR); (SOFR being a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities); AND WHEREAS, the Mega International Commercial Bank Co. Ltd. has informed the Government of Belize of its move to adopt the SOFR as its new lending reference rate for its loan portfolio in Belize; AND WHEREAS, the transition to this new lending rate will require amending the signed loan agreement with Mega International Commercial Bank Co. Ltd., to indicate the following: “That commencing from 14th August 2023, the Borrower shall pay to the Lender interest on the outstanding balance of the Loan disbursed by way of Advances on each Interest Payment Date for the
 Interest Period(s) then ending at the rate of six (6) months Term SOFR plus Credit Adjustment Spread of zero point two percent (0.2%) and two point five percent (2.5%) per annum”; 7 AND WHEREAS, the Government of Belize is required to obtain the prior authorization of the National Assembly, by way of a Resolution, for such Amendment; NOW, THERFORE, BE IT RESOLVED that this Honourable House, being satisfied that this Amendment is necessary and in accordance with international best practices, approves and confirms that the Government of Belize may enter into Amendment No.
2 to Loan Agreement No.

025-106001with the Mega International Commercial Bank Co. Ltd. of the Republic of China (Taiwan) as set out above, and further authorizes the Minister of Finance to execute and deliver the said Loan Amendment Agreement and all other documents and agreements connected therewith.

Cabinet’s recommendation to be signified.

(The Honourable Prime Minister and Minister of Finance, Economic Development, and Investment) 