Restrictions to safeguard balance payments

(1) Subject to sub-section (3), where the competent Minister is satisfied that there are serious balance of payments and external financial difficulties or the threat thereof, the Competent Minister may, consistently with international obligations assumed by Belize, adopt or maintain restrictions to address the difficulties. (2) The restrictions which may be adopted or maintained pursuant to sub-section (1) include– (a) quantitative restrictions on imports; Caribbean Community 18 (Movement of Factors) (b) (c) and (d) restrictions on the right to move capital or on payments and transfers for transactions connected therewith. (3) The restrictions mentioned in sub-section (1) shall, (a) subject to the provisions of this Act, and to the relevant determinations of Conference, the Council for Finance and Planning and the Council for Trade and Economic Development, as the case may require, not discriminate among Member States or against Member States in favour of third States; (b) at all times seek to minimize damage to the commercial, economic or financial interests of other Member State; (c) not exceed those necessary to deal with the circumstances mentioned in sub-section (2); and (d) be temporary and not longer than eighteen months and shall be removed progressively as the situation mentioned in sub-section (1), improves.