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Western Hemisphere > Belize

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Cover IMF Working Papers
Corporate Income Tax Competition in the Caribbean
Koffie Ben Nassar
Motivated by the concern that corporate income tax (CIT) competition may have eroded the tax base, this paper calculates average effective tax rates to measure the impact of CIT competition, including the widespread use of tax holidays, on the tax base for 15 countries in the Caribbean. The results not only confirm erosion of the tax base, but also show that CIT holidays must be removed for recent tax policy initiatives (such as accelerated depreciation, loss carry forward provisions, and tax harmonization) to be effective. These findings suggest that the authorities should either avoid granting CIT holidays or rely more on other taxes (including consumption taxes such as the value-added tax) in order to broaden the tax base.
Keywords:
WP; CIT rate; rate; CIT competition; CIT holiday
Cover IMF Working Papers
Debt Sustainability under Catastrophic Risk: The Case for Government Budget Insurance
Eduardo A. Cavallo
,
Mr. Eduardo Borensztein
, and
Mr. Patricio A Valenzuela
Natural disasters are an important source of vulnerability in the Caribbean region. Despite being one of the more disaster-prone areas of the world, it has one of the lowest levels of insurance coverage. This paper examines the vulnerability of Belize's public finance to the occurrence of hurricanes and the potential impact of insurance instruments in reducing that vulnerability. The paper finds that catastrophic risk insurance significantly improves Belize's debt sustainability. In addition, the methodology employed makes it possible to estimate the appropriate level of insurance, which for the case of Belize is a maximum coverage of US$120 million per year.
Keywords:
WP; debt; insurance instrument
Cover IMF Survey
Boletín del FMI Vol.36, No.05 marzo de 2007
International Monetary Fund. External Relations Dept.
El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mundo; información sobre las operaciones, políticas, reformas y asistencia técnica del FMI; síntesis de las principales investigaciones económicas mundiales; datos fundamentales que no suelen estar disponibles en otras fuentes, e informes sobre debates económicos y financieros que tienen lugar dentro y fuera del FMI. Este boletín de 16 páginas, publicado 12 veces al año, está orientado a una vasta audiencia, que incluye autoridades de política económica, analistas, profesionales del mundo académico y de los medios de difusión y estudiantes. Disponible en inglés, español y francés.
Keywords:
SV; exchange rate; discussion forum; outreach effort; Rodrigo de Rato; IMF Washington; D.C.; United States
Cover IMF Survey
Bulletin du FMI vol. 36, n° 5, mars 2007
International Monetary Fund. External Relations Dept.
En mettant l’accent sur le travail du FMI et sur les grandes questions macroéconomiques et financières internationales, le Bulletin du FMI présente une analyse des développements nationaux, régionaux et mondiaux, des informations sur le travail, les politiques, les réformes et les activités d'assistance technique du FMI, les conclusions d'études de calibre mondial, des données essentielles qui ne sont souvent pas disponibles ailleurs, ainsi que des rapports sur les discussions économiques et financières au sein du FMI et ailleurs. Publié douze fois par an, ce bulletin de seize pages s'adresse à un large public : dirigeants, analystes, chercheurs, étudiants et journalistes. Disponible en anglais, français et espagnol.
Keywords:
SV; exchange rate; discussion forum; outreach effort; Rodrigo de Rato; IMF Washington; D.C.; United States
Cover IMF Survey
IMF Survey, Volume 36 Issue 05
International Monetary Fund. External Relations Dept.
IMF chief economist Simon Johnson, IEO report, Sub-Saharan Africa, Tom Bernes, Joanne Salop, exchange rate analysis, CGER, Jonathan Ostry, Belize, Malan report, IMF-World Bank cooperation, Bruegel, IMF goverance, Colin Bradford, global imbalances.
Keywords:
SV; exchange rate; discussion forum; outreach effort; Rodrigo de Rato; IMF Washington; D.C.; United States; IMF quota; IMF Washington; D.C.; United States; analysis from the IMF; Exchange rates; Poverty reduction strategy; Emerging and frontier financial markets; Poverty reduction; Global; Europe; Africa; Sub-Saharan Africa; Eastern Europe; East Asia
Cover Policy Papers
Belize - Assessment Letter for the International Financial Community
International Monetary Fund
Assessment letters or statements may be prepared for member countries with Fund-supported programs; receiving Fund emergency assistance; with staff-monitored programs; or surveillance-only cases. They are typically produced for use by the country with multilateral or bilateral donors or creditors, in particular the World Bank and other International Financial Institutions.
Keywords:
PP; monetary policy implementation; prudent monetary policy stance; adjustment strategy; financing; structural adjustment policy; adjustment effort; Fiscal stance
Cover IMF Staff Country Reports
Belize: Staff Report for the 2006 Article IV Consultation
International Monetary Fund
Overly expansionary macroeconomic policies contributed to a widening of current account deficits, an unsustainable buildup of public debt, and the erosion of international reserves. The Belize government has already made commendable strides in correcting macroeconomic imbalances, based on measures to increase tax collection, rein in discretionary current expenditure, and cut capital expenditure. However, these efforts alone are not sufficient to bring the public finances and the balance of payments back on a sustainable path; supportive structural reforms in the fiscal and monetary areas should be implemented.
Keywords:
ISCR; CR; government; monetary policy; cash reserve asset; deficit; liquid asset; government organization; debt management practice; Belize authorities; Debt service; Public sector; Central America; Caribbean; Global
Cover IMF Staff Country Reports
Belize: Selected Issues and Statistical Appendix
International Monetary Fund
The erosion of EU trade preferences for bananas and sugar will have immediate negative implications for Belize’s economy. This paper suggests ways to enhance public debt management in Belize. The vulnerability of the banking sector appears relatively modest. However, the current level of loan-loss provisions and collateral valuation rules are not up to the international standards. Important steps have been taken to further improve compliance with the Basel Core Principles. The importance of debt-service reduction through sound macroeconomic policies is highlighted.
Keywords:
ISCR; CR; current account; loan; debt management office; ACP country; IAIS insurance core principle; REER index; bank supervisor; loan portfolio; equilibrium exchange rate path; unit-labor-cost-based REER; exchange rate peg; Agricultural commodities; Government debt management; Loans; Commercial banks; Real exchange rates; Caribbean
Cover IMF Staff Country Reports
Belize: 2005 Article IV Consultation—Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
This 2005 Article IV Consultation highlights that the Belizean economy grew by 4½ percent in 2004, mainly reflecting strong performance in the agriculture, fisheries, and tourism sectors. Inflation remained subdued at about 3 percent. The overall fiscal deficit of the central government, however, widened to 8¾ percent of GDP in FY04/05. Executive Directors have underscored the urgency of addressing these imbalances to safeguard the country’s international reserves and ensure the sustainability of the pegged exchange rate system.
Keywords:
ISCR; CR; year-on-year CPI inflation; staff concern; authority; staff appraisal; authorities' goal; monetary policy; Debt service; Public sector; Caribbean
Cover IMF Staff Country Reports
Belize: Selected Issues
International Monetary Fund
This Selected Issues paper on Belize reviews the external competitiveness, balance sheet currency mismatch, and public sector debt. Belize is a small, open economy and highly dependent on external trade. Real wages in the private sector have increased only slightly. Belize’s exports of commodities grew strongly in volume terms during the last 10 years. The currency mismatch and liquidity pressures point to a growing exchange rate risk. Belize would have to maintain a significant primary fiscal surplus to reduce indebtedness over the medium term.
Keywords:
ISCR; CR; U.S. dollar; exchange rate; foreign currency; private sector; debt service; put option; vis-à-vis nonresident; capital expenditure; trade credit; nominal GDP; central bank of Belize; Agricultural commodities; Commercial banks; Exports; Caribbean; Central America; North America