Belize economy under pressure

The Belize parliament is to hold a special sitting tomorrow as legislators debate the effect of the drop in world oil prices on the country\'s economy.



The government will table the Income and Business Tax Amendment Bill allowing it to impose a windfall tax on petroleum profits.



It had announced last month that it intended to equally split the profits accumulated by the Belize Natural Energy for the sale of crude oil above US$90 per barrel.



The government said it intended to raise nearly US$9.13 in revenue between September 2008 and March 2009, as a result of the profits.



With the price of oil dropping steadily from a high of US$100 and 32 to 100 and 10 per barrel, there are concerns that the government\'s programmes would be severely affected.



Parliamentary officials said Prime Minister Dean Barrow is expected to outline new fiscal measures when the legislators meet tomorrow.