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Western Hemisphere > Belize

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Cover IMF Staff Country Reports
Belize: Technical Assistance Report—Cybersecurity, Regulation, Supervision, and Resilience
International Monetary Fund. Monetary and Capital Markets Department
Cybersecurity risk is embedded in the CBB’s supervisory framework, but additional enhancements are needed to formalize guidance and develop more intensive supervisory practices. Supervisory expectations on cybersecurity are presented in an informal guidance note, which should be formalized into regulation to ensure enforceability; and an IT/cybersecurity supervisory manual should be developed to promote effective and consistent practices. With its principle-based guidance note, the CBB highlights its priorities in strengthening the cybersecurity posture of Belizean financial institutions. The principles are an appropriate interpretation of international best practices on incident prevention, detection, response, and recovery measures, adapted to the cyber maturity of the Belizean financial institutions, and can be used as a foundation for the formalized guidelines. The manual could emphasize the review of cybersecurity strategies, policies, and responsibility specifications and should address obtaining assurance on the effectiveness of the financial institutions’ processes for cyber risk identification, assessment, and mitigation.
Keywords:
ISCR; CR; risk management; self-assessment guidance; cybersecurity governance; cybersecurity process; efficiency gain; cybersecurity resilience; cybersecurity regulation; incident reporting; guidance note; control environment; cybersecurity posture; incident management; cybersecurity innovation; cybersecurity guidance note; cybersecurity guideline; Cyber risk; Central bank bills; Operational risk; Internal audit; Securities; Global
Cover IMF Staff Country Reports
Belize: Selected Issues
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.
Keywords:
ISCR; CR; Belize; cost; debt; debt ratio; adequacy benchmark; GDP ratio; CBB profit; oil revenue; petroleum revenue management fund; reserves adequacy; Oil; gas and mining taxes; Imports; Government securities; Caribbean; Central America
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