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Cover IMF Staff Country Reports
Grenada: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Grenada
International Monetary Fund. Western Hemisphere Dept.

1. Grenada’s economy grew strongly prior to the COVID-19 shock, supported by the implementation of important reforms and favorable external conditions. Real GDP growth averaged 4.5 percent during 2014-19, driven by agriculture, tourism, and construction, and spillovers from the long U.S. expansion. The successful implementation of the Fiscal Responsibility Framework (FRF) helped address fiscal imbalances, boosted confidence, and underpinned an impressive reduction in public debt. An updated tax incentives regime helped attract foreign direct investment (FDI) inflows. Although still high, the poverty rate fell to 25 percent (from 38 percent in 2008) and unemployment declined to 15.4 percent in 2019.

Keywords:
core inflation; insurance mechanism; return on assets; inflation differential; ocean resource; Credit bureaus; COVID-19; Caribbean; Global
Cover IMF Staff Country Reports
Belize: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize
International Monetary Fund. Western Hemisphere Dept.
Belize 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.
Keywords:
currency peg; exchange regime; homegrown adjustment plan; public debt debt ratio; central bank financing; Fiscal stance; Fiscal consolidation; COVID-19; Caribbean; Global