DFC's Planned Restructuring

In November of last year, government announced that DFC would be liquidated, but tonight 7NEWS has confirmed that the DFC will be restructured and the plan is going into effect this week. The new plan is to centralize operations in Belmopan, while closing down branch offices in Corozal and Punta Gorda. Staff will also be cut as 10 staffers out of the 95 or so employees will be given letters of termination later this week. Those staff cuts are minimized because since November, 15 persons have resigned and three contract officers did not get renewals. And while GOB is restructuring human resources, there's still no public announcement of how it hopes to manage the DFC's withering debt portfolio, which has a default rate of 35%. Government has given glib public undertakings to recover bad debts from well-connected persons who make up that list of 50 debtors that received 40% of all DFC lendings.