FrontPage

PM’s Independence Day gift to Belize: more write offs!

Prime Minister Hon. Dean Barrow announced in his address to the nation on Independence Day that government will write-off more DFC loans.

Barrow said that GOB, as a part of debt relief to Belizeans, has arranged to forgive some $6.2 million worth of Development Finance Corporation (DFC) loans, the majority of which are mortgages.

“Government will now step in so that the 361 persons that qualify under the program will no longer be hounded by lawyers and bill collectors for the remainder of what they owe,” Barrow said.

The PM also explained that the loans were already foreclosed on by the DFC and the collateral seized; however, the money made from selling the collateral was not enough to satisfy the debt owed.

The announcement will be the third set of write offs granted by this administration, the first two being in January 2012.

The Prime Minister brought two motions to the House of Representatives, one for a write off of  $403,025.25, the outstanding balance on a housing loan portfolio managed by the Heritage Bank Limited on behalf of GOB since 1999.

The other was when GOB purchase from the Social security Board (SSB) all house mortgages with an outstanding principal balance of $50,000.00 and under. It then proceeded to write off the outstanding balances on the mortgages.

The principal value of the loans plus the arrears to GOB amounted to some $17 million.

The write off forgave the mortgages of 780 people.

Comments are closed.