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Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: Gordon Gekko who wrote (15669)	10/16/1998 12:14:00 AM
From: John PD	Read Replies (1) \| Respond to of 43774

O.K., This was from channel 5 News in Belize Thursday. It has a little bit for everyone. Ralph Fonseca, Minister of Economic Development "On the economy we're cautiously optimistic that there has been a serious injection of confidence in the economy and a breathe in of real optimism since August twenty-seventh. We've been consulting with the private sector; we've worked with the primary sectors, with citrus, with the C.D.C. people who are putting in some forty million U.S. dollars into citrus. We've funded the banana industry so that they can replant their 25% of their plantations that they just recently cut down last year. We are working with B.S.I. to get their new transportation project going. We've worked with the shrimp farms; we're working on securitization of our mortgages to get our construction industry driven. So we are very, very optimistic that we will get back to achieving the growth rates that we experienced during our last administration very, very quickly. We are certainly getting good cooperation from the private sector, from inside Belize and from outside of Belize. We're also working very, very quickly to have mortgage paper and construction financing paper be considered a part of their reserve position which would again be bringing down their rates considerably. You may have mortgages around 12%, maximum 13% and this would be freeing up some thirty two million dollars in the banking system just for mortgage financing. So that is a good example where our government is not revenue driven; we're growth orientated. We're not worried about trying to save $1.8 million in interest fees for $70 million in treasury bills; we're more interested in bringing down the interest rates from 17% to some 14% where we left it the last time." "Well first of all for those Belizeans that have been tolerant of us over the last forty-five days, in my case my particular constituents have given me sixty days to start performing, after that they will probably choke me if I don't, thanks for being tolerant. Everything is on track; the economic train is about to seriously take off. We had to spend at least a month finding out exactly where we were; we're not complaining but we met a mess and we've now begun to put things in order. We will accomplish with our 10,000 homes, our 15,000 jobs and we are going back to those days of 8 to 10 percent growth very, very quickly. In the case of investors that are there and the business community in general, we will continue the consultation process. We've only been here forty-five days; we've met with all the banks, representatives of the entire private sector, with all the insurance companies. We've met with the American Business Council; we've tried to deal with all the lack of confidence problems, the land acquisition problems; we settled the north Ambergris Caye problem this week, the acquisition of north Ambergris Caye at one third the price that Esquivel and Barrow had originally attempted to settle that. We thank them very much for their confidence in our new administration and we ask them to continue working with us. We will find a way forward together." According to Fonseca, private sector investment projects either planned or already under way include the expansion of the Belikin Brewery and construction of a milk factory, a major housing project and establishment of a cement plant. Regarding tax reform and the abolition of VAT a committee's recommendation is due within two months." LET THE DEBATES BEGIN!! JohnPD