Cabinet Approves Trade, Energy and Financial Reforms

Aside from its directive to fast-track a comprehensive overhaul of Belize’s procurement rules, Cabinet also addressed several other matters of national importance during this week’s meeting, approving a series of measures aimed at strengthening regional integration, expanding trade, modernizing financial legislation and advancing the country’s energy sector.  Prime Minister John Briceño updated Cabinet on Belize’s preparations to assume the Pro-Tempore Presidency of the Central American Integration System, SICA, for the period July to December 2026. While the regional bloc’s agenda focuses on economic and social integration, institutional strengthening, democratic security, climate change and sustainable development, Belize intends to broaden those discussions by placing additional emphasis on migration, energy security, regional and international cooperation, and disaster risk management.  Cabinet also approved Belize’s signing and subsequent ratification of a Partial Scope Agreement with the Republic of El Salvador. Scheduled to be signed on July 2 in San Salvador, the agreement forms part of Belize’s strategy to diversify export markets, deepen economic integration with Latin America and create new trade and investment opportunities for Belizean businesses. Government says the agreement extends beyond trade in goods by establishing a framework for broader economic cooperation between the two countries.  In another key decision, Cabinet approved the establishment of a governance structure for the development of the Electronic Single Window for Trade. The platform will eventually serve as Belize’s national electronic portal through which all import and export documents can be submitted and processed, streamlining trade procedures and improving efficiency for businesses.  Cabinet also endorsed the implementation of a Cost of Power Adjustment, or COPA, mechanism for electricity rates. Government says the new system is intended to prevent large, immediate increases in electricity prices while providing greater transparency for consumers. The mechanism will also allow customers to benefit when power generation costs decline and brings Belize’s regulatory framework in line with practices used throughout North America, Central America and the Caribbean.  On the legislative front, Cabinet approved the introduction of a new Credit Union Bill that will provide an updated legal framework governing the registration, licensing, management and supervision of credit unions. The proposed legislation will repeal and replace the existing Credit Union Act, modernizing oversight of the sector.  Cabinet also gave its approval to the final modifications of the proposed Millennium Challenge Corporation Compact. The revisions strengthen the energy component of the Compact, enhancing its capacity to promote long-term economic growth, improve the country’s energy infrastructure and contribute to poverty reduction.