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Johanna Tiedemann, Veronica Piatkov, Dinar Prihardini, Juan Carlos Benitez, and Ms. Aleksandra Zdzienicka
Small Developing States (SDS) face substantial challenges in achieving sustainable development. Many of these challenges relate to the small size and limited diversification of their economies. SDS are also among the most vulnerable countries to the impact of climate change and natural disasters. Meeting SDS sustainable development goals goes hand-in-hand with building their climate resilience. But the additional costs to meet development and resilience objectives are substantial and difficult to finance. This work adapts the IMF SDG Costing methodology to capture the unique characteristics and challenges of climate-vulnerable SDS. It also zooms into financing options, estimating domestic tax potential and discussing the possibility of accessing ‘climate funds.’
International Monetary Fund. Western Hemisphere Dept.
This 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.
International Monetary Fund. Western Hemisphere Dept.
This 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.