Portico Definitive Agreement Raises Concerns

Omar Silva, NP Staff Writer

Belize City: Saturday, 10th June 2023

In recent weeks, the Portico Definitive Agreement has been making headlines, capturing the attention of the nation. The agreement, signed during the final days of the previous Barrow administration, has raised questions about its fairness and legality. The Briceno administration, upon assuming power, not only embraced the agreement but also sought approval from the Cabinet, further fueling public interest.

Critics argue that the Portico Definitive Agreement heavily favors the interests of Portico, leaving the government with all the possible penalties and minimal benefits. Adding to the complexity, Royal Caribbean Cruise Line, one of the world's largest cruise companies, has signed a Memorandum of Agreement with Portico under these questionable conditions. The Briceno Administration, recognizing the imbalanced terms, aimed to renegotiate the agreement to align it with previous cruise agreements like Harvest Caye and Stake Bank.

Rumors circulated that two senior ministers travelled to Miami to engage in discussions with Royal Caribbean regarding the agreement. However, when the Prime Minister returned from a CARICOM meeting, he remained tight-lipped about the details. Journalists attempted to inquire about the meeting, but the response from the Prime Minister and Minister Chris Coye of the Ministry of Finance & Economic Development provided limited clarity.

Chris Coye emphasized the importance of legal advice in determining the government's course of action. With the departure of the Attorney General, questions arose about who would provide the necessary legal guidance. The opposition party alleged that the Attorney General had deemed the agreement illegal, which the government denied, implying a potential conflict of interest on the opposition's part.

As the government grapples with this situation, concerns have arisen about the potential repercussions and the need for a transparent inquiry into the definitive agreement. However, the government maintains that its actions will be guided by legal advice and a careful examination of the agreement's contents.

Although attempts were made to seek comments from the Minister of Tourism, Anthony Mahler, he evaded the press, leaving Minister Chris Coye to respond to the questions. Coye acknowledged the company's expectation that the terms of the Portico Definitive Agreement would be upheld but compared the government's approach to past negotiations, citing instances such as the BTL settlement agreement and the renegotiation of the agreement with the Nature Conservancy.

The current administration aims to learn from past negotiations and find a resolution that benefits both the government and Portico. The previous administration's negotiation style and the opportunity to renegotiate agreements are points of reference as the Briceno administration navigates this challenging situation.

As the public eagerly awaits updates on the Portico Definitive Agreement, the government's commitment to fairness, legal advice, and open dialogue will play a crucial role in determining the outcome of this intricate matter