Belize, Staff Report for the ... Article IV Consultation
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Published: 2006
Total Pages: 78
ISBN-13:
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Belize: 2022 Article IV Consultation-Press Release; and Staff Report
Author: International Monetary
Publisher: International Monetary Fund
Published: 2022-05-10
Total Pages: 64
ISBN-13:
DOWNLOAD EBOOKThe COVID-19 pandemic had a severe impact on Belize in 2020, leading to a 16.7 percent contraction in real GDP and a rise in public debt to an unsustainable level of 133 percent of GDP. To address this situation, the government presented a medium-term plan to lower public debt to 85 percent of GDP in 2025 and 70 percent in 2030 by implementing fiscal consolidation, structural reforms, and debt restructuring. Significant progress towards restoring debt sustainability was made in 2021.
Belize: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize
Author: International Monetary
Publisher: International Monetary Fund
Published: 2021-06-07
Total Pages: 57
ISBN-13: 151357311X
DOWNLOAD EBOOKBelize has been hit hard by the COVID-19 pandemic, which led to a deep recession and worsened fiscal and external positions from already weak levels. The opposition People’s United Party won the November 2020 elections by a wide margin, which gives the new government a unique opportunity to jump start much needed reforms to reduce large imbalances and anchor strong and inclusive growth.
Belize
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
Published: 2023-05-12
Total Pages: 67
ISBN-13:
DOWNLOAD EBOOKOutlook and Risks. Economic activity is projected to moderate after a strong recovery from the pandemic. After growing by 15 percent in 2021 and 12 percent in 2022, real GDP is projected to grow by 2.4 percent in 2023 and 2.0 percent over the medium term as spare capacity is exhausted. Revenue growth and fiscal consolidation have increased the primary balance to 1.2 percent of GDP from FY2022 onwards, which is projected to reduce public debt from 64 percent of GDP in 2022 to 53 percent in 2028. Risks to the outlook are tilted to the downside, including a sharp slowdown in advanced economies, further increases in commodity prices, and climate-related disasters.
Belize
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
Published: 2024-05-15
Total Pages: 72
ISBN-13:
DOWNLOAD EBOOKOutlook and Risks. Real GDP growth and inflation moderated in 2023 and are projected to decline further over the medium term as the output gap closes and global commodity prices fall. The fiscal position remains robust, but debt dynamics have become more challenging due to the increase in the interest rate – growth differential, with public debt projected to remain above 50 percent of GDP over the next decade. Risks to the outlook include further increases in commodity prices and climate-related disasters.
Belize
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
Published: 2019-12-09
Total Pages: 62
ISBN-13: 1513522132
DOWNLOAD EBOOKThis 2019 Article IV Consultation with Belize focused on structural reforms to raise growth and social inclusion; strengthening resilience to natural disasters; balanced medium-term fiscal consolidation; tax reform; and strengthening financial oversight and anti-money laundering and combating the financing of terrorism actions. Public debt remains above 90 percent of gross domestic product, the current account deficit is projected to remain large over the medium term, and international reserves are just below three months of imports of goods and services. The pace of structural reform has been slow. Downside risks, including from slower US growth, natural disasters, crime, and renewed pressures on correspondent banking relationships could weaken growth and financial stability. Belize is adapting its tax regime in response to concerns from multilateral institutions regarding potentially harmful features. Sustaining Belize’s recent economic expansion, spurring private investment, and facilitating structural diversification hinges on strengthening the business environment.
Belize
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
Published: 2016-03-28
Total Pages: 87
ISBN-13: 1475548729
DOWNLOAD EBOOKThis paper discusses key issues of the Belize economy. The economic condition of Belize is characterized by sluggish growth and a weak fiscal stance, which have put public debt on an unsustainable path. Social and poverty challenges remain significant. The unemployment rate remains high compared with its 2008 level of 8 percent, despite a reduction to 12.1 percent in September 2014 from 14.2 percent in September 2013. Per capita GDP remains far below its regional peers. This paper also focuses on measures that would signal credible commitment to fiscal consolidation, strengthen the financial system, and boost economic, growth taking into account constraints on human and financial resources.
Belize
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
Published: 2013-07-23
Total Pages: 67
ISBN-13: 1484387104
DOWNLOAD EBOOKThis IMF staff report on Belize’s 2013 Article IV Consultation highlights economic developments and macroeconomic outlook. Macroeconomic developments in 2012 were underpinned by robust output growth but clouded by uncertainties surrounding the debt restructuring and growth prospects of major trading partners. New provisioning, and loan classification standards implemented by the central bank at end-2011 have resulted in declining nonperforming loans (NPLs) in the banking system and improving provisioning. NPLs remain high at 20 percent of total loans at end-2012, with heavy concentration in one domestic and some international banks. In compliance with the new prudential measures, banks have been required to write off bad loans within 3–5 years.
Belize
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
Published: 2016-10-27
Total Pages: 84
ISBN-13: 1475547986
DOWNLOAD EBOOKGrowth is expected to average less than 2 percent in the medium-term. The envisaged fiscal adjustment would remain insufficient to significantly reduce the very high public debt. Large external imbalances, driven by large current account deficits, repayment of the super bond and remaining payments for the nationalized telecommunication company (BTL), would reduce international reserves to uncomfortable levels. The further withdrawal by global banks of correspondent relationships with Belizean banks and low capital buffers in some banks are key threats to financial stability. Insufficient fiscal adjustment and weaknesses in the banking system are significant risks.
Belize
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
Published: 2018-11-16
Total Pages: 66
ISBN-13: 1484385403
DOWNLOAD EBOOKBelize’s economic growth has slowed over the last five years, following decades of outperforming regional peers. As in other countries in the region, a central challenge is exiting the cycle of low growth and elevated public debt. Belize’s 2017 debt rescheduling provided cash flow relief. In March 2017, the government reached a restructuring agreement with private external bondholders on its US$526 million bond (about 30 percent of GDP).1 As part of the agreement, the authorities committed to tighten the fiscal stance by 3.0 percentage points in FY2017/18 and to maintain a primary surplus of 2.0 percent of GDP for the subsequent three years. The authorities are delivering on these commitments and have made progress in implementing recent Article IV recommendations (Annex I).
