By Breaking Belize News Staff (HP): The Government of Belize is moving to pump tens of millions of dollars into Belize Electricity Limited (BEL), and the plan is drawing political scrutiny over the price tag, the source of the money, and whether the Social Security Board (SSB) will be expected to help cover it.
Under the proposal, the government would acquire just over 8.1 million shares in BEL at $9 each, amounting to roughly $73 million. Prime Minister John Briceño has framed the investment as a way to strengthen national ownership of the country’s power supply, following the administration’s October 2025 purchase of Fortis Belize’s hydro assets and its stake in BEL for about $110 million.
The Opposition has seized on the plan. United Democratic Party Leader Tracy Panton has labeled it a “bailout” of BEL and questioned whether Social Security funds, contributors’ retirement savings, could end up financing the deal. She has also pressed the government to say exactly where the money will come from, warning that taxpayers could ultimately bear the cost.
The scrutiny comes as BEL has struggled financially, reporting close to $10 million in losses in 2024.
Speaking to 7News, Briceño disputed the $75 million figure that has circulated, saying the amount is less. He insisted that the government is putting up its share, and that as a partner in the company, Social Security would be expected to put up its portion as well. The Prime Minister said he had not been told of any resistance within Social Security, and stressed that the preference shares carry interest, meaning SSB would earn a return.
“No government of Belize can allow BEL to go broke, to go bankrupt,” Briceño said. “We have to keep the lights going.”
On whether Social Security is being forced to participate, the Prime Minister said that was a legal question, but expressed hope the board would take part. He noted that the government guarantees Social Security and would stand behind the investment.
The post Government’s $73 million BEL share purchase draws scrutiny as Social Security weighs in appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Breaking Belize News Staff (HP): The Government of Belize is moving to pump tens of millions of dollars into Belize Electricity Limited (BEL), and the plan is drawing political scrutiny over the price tag, the source of the money, and whether the Social Security Board (SSB) will be expected to help cover it. Under the
The post Government’s $73 million BEL share purchase draws scrutiny as Social Security weighs in appeared first on Belize News and Opinion on www.breakingbelizenews.com.
