International Monetary Fund. Secretary's Department
Speaking for all Canadians, I say: Welcome to Canada. We have waited long for you to come—38 years. We have waited since Canada was with you at Bretton Woods in 1944. At that time a few farseeing Canadians were working there with other like-minded delegates on ideas and proposals for an International Monetary Fund and a World Bank. They were attempting to create economic order out of a world of economic and political chaos. So our feeling toward you is not just one of membership. It is one of historic kinship.
The economy of Belize in recent years has been vulnerable to adverse shocks owing to its weak external position, policy rigidities, and reduced access to external financing. Executive Directors commended the authorities for their prudent macroeconomic management during the crisis. Directors emphasized the need for fiscal consolidation strategy, and stressed the need to strengthen the banking system. They supported plans to improve public financial management and tax administration. They welcomed monetary policy framework, liquidity management, and development plan policies, and off