Nearly two weeks after Belize’s Prime Minister John Briceño unveiled a controversial $73 million plan to acquire shares in national utility BEL, the opposition United Democratic Party (UDP) is escalating scrutiny over the proposal, pressing the administration to answer critical questions about funding sources and the ultimate purpose of the transaction. The plan, which calls for the government to buy just over 8.1 million BEL shares at a price of $9 per share, has sparked fierce political debate over whether it amounts to a hidden bailout for the struggling utility, with growing concerns that public social security funds could be tapped to cover the massive cost.
Tracy Panton, leader of the UDP and the country’s opposition, told reporters that the party has repeatedly pushed the ruling People’s United Party (PUP) administration for full transparency, and is set to demand clear answers when the proposal goes before a House Committee meeting on Wednesday. Panton emphasized the staggering scale of the proposed expenditure, noting that the $73 million price tag is no trivial sum at a time when the country’s total national debt is already approaching $1 billion.
Drawing a parallel to the earlier controversial BTL acquisition, Panton declined to pre-empt her party’s formal position ahead of Wednesday’s committee review, where the party will conduct a line-by-line critical examination of the legislation backing the share purchase. She did, however, warn the public of the risks tied to the plan, noting that when she questioned a senior PUP government official about the funding source during a recent visit to Belmopan for separate legislative business, the official could not provide a definitive answer — only offered an unconfirmed denial that funds would come from the Social Security Board (SSB) Investment Fund.
Panton stressed that regardless of where the administration sources the $73 million, the ultimate cost will fall on ordinary Belizean taxpayers. She added that while the public might be willing to accept the expenditure if it delivered tangible benefits like lower electricity bills and more reliable service, there is no evidence those outcomes will materialize from the proposed purchase. If the committee meeting reveals any concrete indication that SSB public funds will be used for the transaction, Panton said the UDP will immediately alert the Belizean public to the plan’s risks.
The proposal marks the latest high-stakes political flashpoint between the ruling PUP and opposition UDP, with public accountability for public spending emerging as a central campaign and legislative issue ahead of upcoming political processes.