Belmopan, 24th November, 2011.
Cabinet met in regular session on Tuesday, 22nd November, 2011.
** Cabinet approved the removal of the Environmental Tax from CARICOM imports in order to achieve consistency with our commitment under the Revised Treaty of Chaguaramas. It is fair to expect that, as a result, consumers will benefit from lower prices for CARICOM originating imports.
** Cabinet approved the establishment of the Environmental Common Fund (ECF) as provided for in Regulation 15 (2) of the Petroleum Regulations. All current Production Sharing Agreements (PSAs) under Article 27.3 require the contractor to contribute a percentage of the annual gross revenues to the ECF after a discovery is made and production commences. The percentages range from 0.1% for onshore PSAs to 0.5% for deep offshore PSAs. The key objec-tive of the ECF is to provide the Government access to funds in case of an event representing a significant threat to the Belize environment and related to the petroleum activities under PSAs. In terms of the liabilities of petro-leum companies, the ECF is not intended to constitute in any way a mechan-ism that could or would reduce or limit the companies’ liability in terms of environmental damage for which they might be responsible under the petro-leum law and PSAs and under the general law.
** In a significant benefit to sugar cane farmers, Cabinet approved the renewal of the standard fuel subsidy and licence fees waiver. (The licence is still re-quired but the fee is waived.)
** Cabinet approved the strengthening of the Attorney General’s Ministry, with provision for additional staff, both at the professional and support levels, and the addition of physical space for staff and facilities.
Office of the Prime Minister
Belmopan, Cayo District
