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Western Hemisphere > Belize

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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 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