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International Monetary Fund. External Relations Dept.

00/35: IMF Approves Stand-By Credit for Uruguay, May 31

International Monetary Fund

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

International Monetary Fund

In this paper, the following statistical data are presented in detail: selected economic indicators, indices of industrial products, central government revenues and expenditure, interest rates, commercial bank’s liquidity positions, balance of payments, summary accounts of financial sector, main agricultural products, operations of central government, sugar exports by market, price structure of petroleum products, treasury bills by holder, principal domestic exports, direction of trade, terms of trade, external debt by creditor and borrowing agents, consumer price index, visitor arrivals, and so on.

International Monetary Fund

Belize should reduce debt ratios to comfortable levels for smooth market access, and reduce liquidity risks by stabilizing debt service. Streamlined management of the oil fund should be considered. Fiscal measures should compensate for the loss of oil revenues in the budget and avoid new borrowing. This note explores alternative measures of reserves adequacy and concludes that a reserves target of three months of imports is a reasonable benchmark. Reforms enabling more effective liquidity management involve removing the ceilings and moving to market-based interest rates.

International Monetary Fund

Belize’s economy is projected to decelerate in 2009 owing to the global downturn. Real GDP growth is projected at 1 percent, reflecting the impact of declining tourism, remittances, and foreign direct investment inflows. Executive Directors have welcomed the broadly favorable economic performance in 2008, and have commended the authorities’ commitment to pursue sound macroeconomic and financial sector policies to manage near-term risks. Directors have also emphasized that strong macroeconomic policies are necessary to underpin this exchange rate regime and help raise international reserves to a comfortable level.