Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Western Hemisphere > Belize

You are looking at 41 - 50 of 84 items for

  • Type: Journal Issue x
Clear All Modify Search
Cover IMF Working Papers
National Insurance Scheme Reforms in the Caribbean
Koffie Ben Nassar
,
Mr. Joel Chiedu Okwuokei
,
Mike Li
,
Timothy Robinson
, and
Mr. Saji Thomas
Weighed down by population aging, slow economic growth, and high unemployment, National Insurance Schemes in the Caribbean are projected to run substantial deficits and deplete their assets in the next decades, raising the prospects of government intervention. With the region highly indebted, this paper quantifies the impact of three parametric reforms—freezing pension benefits for two years, raising the retirement age and increasing the contribution rate by one percentage point—that, if implemented, would put the pension schemes on a stronger financial footing. While the appropriate combination of reforms necessary to eliminate the actuarial deficits varies depending on each country’s circumstances, most countries need to undertake reforms now or risk even higher taxes, lower growth and unsustainable debt dynamics.
Keywords:
WP; retirement age; pension scheme; Jamaica; economic growth; rate; Social Security; Old Age Pensions; Public Debt; Contingent Liabilities; contribution rate; NIS viability; Jamaica NIS; contribution income; Pensions; Pension spending; Aging; Retirement; Income; Caribbean; Asia and Pacific; Europe; Global
Cover IMF Staff Country Reports
Belize: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This paper discusses three important sectors of Belize economy: financial, sugar market, and energy. Belize’s banking system has continued to strengthen since the 2014 Article IV Consultation in June 2014. Despite recent improvements, some banks’ balance sheets are still weak and exposed to adverse macroeconomic developments. The sugar sector makes a very important contribution to Belize’s economy. The sector is estimated to account for about 4-5 percent of GDP, 9-10 percent of total exports, 8 percent of employment, and 5-6 percent of foreign exchange earnings. But the reform of EU sugar regime, scheduled to take full effect in 2017, will most likely cause a significant drop in the EU sugar price.
Keywords:
ISCR; CR; Belize; rate; Belize energy sector; biomass; sugar price; energy policy framework; electric power grid; Co-Generation Energy Limited; sugar sector; EU reform; Belize's energy efficiency; Agricultural commodities; Commercial banks; Credit bureaus; Loans; Nonperforming loans; Caribbean; Global; Central America; Europe
Cover IMF Staff Country Reports
Belize: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Director for Belize
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.
Keywords:
ISCR; CR; Bel share; financing; Bel valuation; deficit; nationalization liability; growth elasticity; Bel settlement; debt level; government of Belize; BTL settlement; debt trajectory; headline inflation; Fiscal stance; International reserves; Caribbean; Global
Cover IMF Working Papers
Caribbean Energy: Macro-Related Challenges
Arnold McIntyre
,
Ahmed El-Ashram
,
Mr. Márcio Valério Ronci
,
Julien Reynaud
,
Ms. Natasha X Che
,
Ke Wang
,
Mr. Sebastian Acevedo Mejia
, and
Mr. Mark Scott Lutz
High energy costs contribute to dampening Caribbean competitiveness and potential growth. This paper overviews power sector challenges and takes stock of national and regional strategies to address them. It presents recommendations to move the energy agenda forward based on analyses of macro-aspects of energy reform. These include: i) quantitative assessment of the impact of energy costs on growth and competitiveness; ii) evaluation of gains from implementing announced renewable energy and energy efficiency targets; and iii) analysis of the impact of energy investments on debt sustainability. The paper argues for a bigger role for the private sector in energy reform and discusses prerequisites for good public-private partnerships.
Keywords:
WP; electric energy; oil price; Energy Reform; Oil Price Shocks; Caribbean; Economic Growth; Renewable Energy; Energy Efficiency; Public Investment; Infrastructure; Debt Sustainability; PPP; cost saving; core inflation; energy efficiency cost curve; financing terms; net exporter; recovery mechanism; generation cost assumption; fuel cost recovery mechanism; capital cost; oil price development; energy investment; Oil prices; Energy sector; Energy prices; Global
Cover IMF Working Papers
Saving in Latin America and the Caribbean: Performance and Policies
Mr. Francesco Grigoli
,
Alexander Herman
, and
Klaus Schmidt-Hebbel
This paper analyzes saving patterns and determinants in Latin America and the Caribbean (LAC), including key policy variables and regimes. The review of previous empirical studies on LAC saving reveals contradictions and omissions. This paper presents empirical results of an extensive search of determinants of private and public saving rates, adding previously neglected variables (including different measures of key external prices and macroeconomic policy regimes), in linear form and in interactions with other saving determinants. It analyzes statistical differences in saving determinants between LAC and the rest of the world in a nested econometric framework, and discusses differences across three country subgroups within LAC. The results highlight commonalities and differences in saving behavior between LAC and other world regions, as well as within LAC, identifying the role of key policy variables and regimes.
Keywords:
WP; growth rate; LAC subgroup; private sector; consumption; private saving; public saving; Latin America; saving rate; LAC saving; saving effect; saving determinant; oil exporter; standard deviation; LAC oil exporter; discount factor raise saving; household saving; LAC dummy; Private savings; Technology transfer; Fiscal rules; Inflation targeting; Income; Middle East and Central Asia; Asia and Pacific; Europe
Cover IMF Working Papers
Sovereign Debt Restructurings in Belize: Achievements and Challenges Ahead
Mr. Tamon Asonuma
,
Gerardo Peraza
,
Kristine Vitola
, and
Mr. Takahiro Tsuda
This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fiscal solvency concerns. Despite differential treatment between residents and non-residents, both 2006–07 and 2012–13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities’ effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012–13 debt restructuring will still depend on the country’s ability to strengthen fiscal efforts and public debt management framework.
Keywords:
WP; bond; Belize; deficit; exchange offer; External Debt; Inter-Creditor Equity; Sovereign Debt Restructuring; debt exchange; growth performance; step-up coupon; cash flow; Belize debt restructuring; market haircut; amortizing bond; debt exchange operation; market financing; debt sustainability concern; bond exchange; Debt restructuring; Bonds; Debt service; Global
Cover Caribbean Renewal
Caribbean Renewal
Tackling Fiscal and Debt Challenges
Charles Amo Yartey
and
Ms. Therese Turner-Jones

Abstract

Caribbean economies face high and rising debt-to-GDP ratios that jeopardize prospects for medium-term debt sustainability and growth. This book provides a comprehensive analysis of the challenges of fiscal consolidation and debt reduction in the Caribbean. It examines the problem of high debt in the region and discusses policy options for improving debt sustainability, including fiscal consolidation, robust growth, and structural reforms. The book also examines empirically the factors underlying global large debt reduction episodes to draw important policy lessons for the Caribbean. It also reviews the literature on successful fiscal consolidation experiences and provides an overview of past and current consolidation efforts in the Caribbean. The book concludes that the region needs a broad and sustained package of reforms to reduce debt ratios to more manageable levels and strengthen economic resilience.

Keywords:
BOOK; spending multiplier; debt restructuring; debt accumulation; debt level; debt reduction; commodity-exporting country; Fiscal consolidation; Debt reduction; Fiscal rules; Caribbean; Global; Africa; Europe
Cover IMF Working Papers
Does Demand Volatility Lower Growth and Raise Inflation? Evidence from the Caribbean
Ms. Magda E. Kandil
The paper investigates asymmetry in the allocation of aggregate demand shocks between real output growth and price inflation over the business cycle in a sample of fifteen Caribbean countries. In most countries, the evidence indicates the existence of structural constraints, implying that positive demand shocks feed predominantly into prices while negative demand shocks mainly affect output. The high variability of aggregate demand in Caribbean countries, frequently exposed to shocks that are exacerbated by pro-cyclical policy stance, tends to create an upward bias on inflation and a downward bias on real output growth, on average, over time. The analysis highlights the benefits of eliminating structural rigidities responsible for asymmetric real and inflationary effects and points to the dangers of procyclical macroeconomic policies that exacerbate the adverse effects of demand variability.
Keywords:
WP; price inflation; demand variability; output growth; trend inflation; energy price; price rigidity; trade balance; Demand Shocks Asymmetric Effects Contractionary and Inflationary Biases; price uncertainty; price flexibility; output contraction; price inflation to expansionary demand shocks; product price; real growth; inflation bias; expansionary demand shock; inflation to expansionary demand shocks; Inflation; Exchange rates; Production growth; Sticky prices; Exchange rate arrangements; Caribbean
Cover IMF Working Papers
Financial Interconnectedness and Financial Sector Reforms in the Caribbean
Ms. Sumiko Ogawa
,
Mr. Joonkyu Park
,
Ms. Diva Singh
, and
Ms. Nita Thacker
Financial sector linkages have increased continuously in the Caribbean with cross border capital flows and financial conglomerates dominating the financial system. While the greater interconnectedness can heighten systemic risks and likelihood of contagion, it can have positive impacts provided the regional authorities take steps to prevent the systemic risk. In this context, financial sector reform measures aimed at bolstering and harmonizing prudential regulations in line with international best practices, the strengthening and enhancement of financial sector supervision to include cross border linkages through consolidated supervision, increased cooperation across supervisors in the region, and the establishment of deposit insurance and crisis resolution frameworks will be critical to maintain financial sector stability and minimize the repercussions of any negative shocks.
Keywords:
WP; credit risk; financial system; parent bank support; resolution framework; problem bank; financial interconnectedness; financial sector in the Caribbean region; regulatory and supervision system; loan portfolio; market share; bank sector; BIS data; ECCU country; banking sector assets; systematic bank resolution framework; Latin American bank; ECCU's banking sector; liquid bank; Commercial banks; Financial contagion; Credit bureaus; Insurance companies; Caribbean; Global
Cover IMF Staff Country Reports
Belize: Staff Report for the 2013 Article IV Consultation
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.
Keywords:
ISCR; CR; resolution framework; restructuring; staff visit; central bank credibility; loan; oil export; IMF special; debt management task force; commodity price pressure; Government debt management; Debt management; Public sector; Caribbean; Global; Europe; Central America