Panton Calls Proposed $73M BEL Share Investment a “Bailout”

The Briceño administration is seeking approval to invest $73 million in shares of Belize Electricity Limited (BEL), a move Prime Minister John Briceño says is aimed at strengthening national ownership of the country’s power supply. Under the proposal, the government would purchase just over 8.1 million shares in BEL at a cost of $9 per share.

The planned investment is already drawing scrutiny from the Opposition, with United Democratic Party Leader Tracy Panton questioning where the government intends to find the money and whether taxpayers will ultimately foot the bill.

At a party press conference today, Panton described the proposed investment as a “bailout” for BEL.

“I will tell you, if following that meeting we get any hint that we will use our SSB money to bail out BEL, you will be the first to know,” Panton said ahead of a House committee meeting scheduled for tomorrow.

Panton said she raised the question directly with a PUP government member while in Belmopan but received no clear answer, though they insisted it was not the Social Security Board.

The opposition leader argued that regardless of the funding source, the cost would ultimately be borne by the public. She added that Belizeans may be more willing to support such spending if it resulted in lower electricity bills or improved service but questioned whether that would be the case.