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Western Hemisphere > Belize

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Cover IMF Working Papers
Stabilization, Debt, and Fiscal Policy in the Caribbean
Ms. Ratna Sahay
Although Caribbean countries have been largely successful in bringing annual inflation down to single digits in recent years-regardless of their exchange rate regime-their growth rates have been disappointing and their public debt has risen rapidly. By 2003, 14 of 15 Caribbean countries ranked in the top 30 of the world's highly indebted emerging market countries. Most of the increase in their public debt is accounted for by a deterioration in primary fiscal balances that has been largely due to a sharp increase in expenditures rather than a fall in revenues. With the countries of the region now increasingly facing unsustainable debt positions, innovative ways need to be found to raise their economic growth rates and generate fiscal savings to reverse the debt buildup, and to maintain or raise their current living standards.
Keywords:
WP; country authorities; exchange rate regime; Caribbean country; policy stance; government expenditure; real GDP
Cover IMF Staff Country Reports
Belize: Assessment of the Supervision and Regulation of the Financial Sector—Review of Financial Sector Regulation and Supervision
International Monetary Fund
This paper highlights key finding of the assessment of financial sector regulation and supervision in Belize. The assessment reveals that banking supervision in Belize complies with or is largely compliant with most of the Basel Core Principles. Under current arrangements, the Minister retains a good deal of discretionary authority with respect to banking supervision, but this situation is likely to be modified if a draft bill, now under discussion, becomes law. Retention of qualified staff is a continuous problem with the result that the intensity of banking supervision varies.
Keywords:
ISCR; CR; fund Methodology; bank Management Contact; Belize IBCS; business company registry; company formation agent; return on equity; bank staff; financial system; Belize government; corporate governance; bank management; CFT regime; due diligence; law enforcement authorities; subsidiaries bank; mutual fund; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance; Foreign banks; Insurance companies; Money laundering; Caribbean
Cover IMF Staff Country Reports
Belize: Selected Issues and Statistical Appendix
International Monetary Fund
An illegal parallel market for foreign exchange is prevalent in Belize. Its emergence and continued existence is attributed to the pervasive exchange controls, attempts to avoid banking fees, as well as the prevalence of cash transactions in the tourist sector. Overall, the financial system appears sound, the banking system is well capitalized, and the insurance sector has been able to pass most of the risks offshore through reinsurance. The supervisory and regulatory framework for commercial banks appears sound, but there is scope for improvement.
Keywords:
ISCR; CR; financial system; market; central bank; private sector; trade competitiveness; foreign exchange intermediary; operating income; B. transaction volume; Bretton Woods exchange rate system; deficit narrowing; Public sector; Capital spending; Commercial banks; Credit; Caribbean; Central America; Europe
Cover IMF Staff Country Reports
Belize: Staff Report for the 2003 Article IV Consultation
International Monetary Fund
There is an urgent need to re-establish a viable external position through a comprehensive, swift, and sustained policy adjustment. The fiscal adjustment will need to rest on both wide-ranging tax revenue measures and substantial expenditure restraint, including a freeze of current expenditure. Executive Directors welcome the government’s decision to restructure the Development Finance Corporation. Existing import restrictions should be eliminated or converted into tariffs to improve resource allocation, increase revenue, and reduce administrative costs. Belize statistical information is inadequate to monitor macroeconomic developments sufficiently.
Keywords:
ISCR; CR; staff appraisal; liquid asset; Belize; exchange peg; package of revenue enhancements; balance of payments crisis; billion-US$ economy; Public sector; Caribbean
Cover IMF Staff Country Reports
Belize: Statistical Appendix
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.
Keywords:
ISCR; CR; Belize; fund staff estimate; private sector; central bank of Belize; net position; undistributed profits; unit value; government treasury bills; nonfinancial public enterprises; net factor; replacement value; factor cost; Nontax revenue; Public sector; Exports; Capital spending; Credit; Public enterprises; Caribbean; Central America; Europe
Cover IMF Staff Country Reports
Belize: Staff Report for the 2002 Article IV Consultation
International Monetary Fund
This 2002 Article IV Consultation highlights that Belize’s economic growth accelerated to 11 percent in 2000, but declined to 5 percent in 2001 as a result of several hurricanes, terrorist attacks in the United States, and a shrimp-virus epidemic. Confidence was also affected by financing difficulties at the Development Finance Corporation (DFC) and the continued widening of the central government deficit from 10 percent of GDP to 12 percent in FY2001/02 (fiscal year end-March). The deficits were financed mainly through privatization receipts and external borrowing, mostly on commercial terms.
Keywords:
ISCR; CR; authority; deficit; bond proceeds; net; reserve; staff appraisal; target of-BZ; bond placement; tourism sector; Public sector; Commercial banks; Central America
Cover IMF Staff Country Reports
Belize: Staff Report for the 2001 Article IV Consultation
International Monetary Fund
The authorities' economic policy seeks to sustain strong economic growth mainly through low taxes, large public investment, and the provision of credit to the private sector through the state-owned Development Finance Corporation (DFC). The authorities expect the resulting high rate of economic growth to generate sufficient fiscal resources to reduce the public sector deficit and service the rapidly accumulating external public debt. Executive Directors welcomed the authorities' intention to reduce excess liquidity to help secure the sustainability of the exchange rate.
Keywords:
ISCR; CR; deficit; authority; DFC credit expansion; DFC portfolio; DFC collection activity; DFC operation; private-sector banking system; Public sector; Loans; Credit; Central America; Caribbean
Cover IMF Staff Country Reports
Belize: Selected Issues and Statistical Appendix
International Monetary Fund
This paper provides background information and analysis of recent economic developments and relevant issues in Belize. The main differences between the high growth experiences in the late 1980s and during 1999–2000 are also discussed. The following statistical data are presented in detail: savings and accounts, main agricultural crops, acreage, and production; industrial production, operations of the central government, interest rates, treasury securities, consumer price index, principal domestic exports, sugar exports by destination, direction of trade, terms of trade, summary of tax system, and so on.
Keywords:
ISCR; CR; debt service indicator; deficit; Belize; cost; investment portfolio; GDP growth; securitization operation; portfolio diversification; Public sector; Exports; Debt service; Caribbean
Cover IMF Staff Country Reports
Belize: Statistical Appendix
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.
Keywords:
ISCR; CR; central bank building; Belize; net; estimate; payment amortization; fund staff estimate; government treasury bills; central bank of Belize; Public sector; Capital spending; Current spending; Total expenditures
Cover IMF Staff Country Reports
Belize: Recent Economic Developments
International Monetary Fund
This paper describes economic developments in Belize during the 1990s. Economic activity slackened in 1993–97, with a sharp slowdown in domestic investment and a sluggish performance of services following the withdrawal in 1994 of the United Kingdom garrison that had been stationed in Belize. Investment fell from its peak of 32 percent of GDP in 1993 to 23¾ percent of GDP in 1997 as both public and private capital formation declined, and national savings fell from 23 percent of GDP in 1993 to 18 percent of GDP in 1997.
Keywords:
ISCR; CR; balance of payments; economic activity; percent of GDP; capital account; debt service; current account; exchange rate; central bank building; free market; trade balance; capital flow; public sector deficit; fiscal year; consumer goods; Public sector; Commercial banks; Exports; Credit; Caribbean; Central America; Europe