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Western Hemisphere > Belize

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Cover IMF Staff Country Reports
Belize: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issue paper documents the recent episode of food inflation and food insecurity in Belize. The paper also overviews what policies were announced in Belize and the Caribbean during the recent cost-of-living crisis; and discusses the policies Belize could implement to protect its most vulnerable households from the threat of food insecurity going forward. It discusses the appropriate policies to protect vulnerable households from food price inflation going forward based on economic theory and best practices and estimates how much it would cost the government of Belize to protect the vulnerable population against a rise in food prices like the one in 2022. The authorities should evaluate the impact of the recent policy that regulates mark-ups on essential goods by wholesale and retail operators when they have sufficient data. The limits on the mark-up for 32 essential goods were introduced to limit the increase in food prices and avoid monopolistic practices.
Keywords:
food inflation; staff ream; debt target; cost of living crisis; B. food inflation; food inflation in Belize; price signals work; Food prices; Food security; Inflation; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
Belize: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper studies inflation dynamics in Belize with the goal of quantifying the role of external and domestic factors in the recent inflationary episode and projecting inflation going forward. The paper applies a Principal Component Analysis to inflation data of several countries and finds that global factors have contributed substantially to both the historical variation and the recent surge in Belize’s inflation. Global factors explain most of the recent surge in inflation in Belize and are projected to reduce inflation going forward. An estimated Phillips curve also finds that external factors, proxied by food and fuel prices and US inflation, have been a key driver in the surge in Belize’s inflation during the last two years. The estimation results show that external factors have significant effects on Belize’s inflation.
Keywords:
PPPO deficit; IMF's transparency policy; inflation projection; inflation decomposition; staff team of the International Monetary Fund; Inflation; Aging; Retirement; Pensions; Food prices; Global; Caribbean
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 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
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 Summary Proceedings of the Thirty-Seventh Annual Meetings of the Board of Governors, 1982
Summary Proceedings of the Thirty-Seventh Annual Meetings of the Board of Governors, 1982
International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
AS; sc; fund documents no; IBRD election; IMF election; oil developing countries; boards of governors of the fund; Inflation; International monetary system; Multilateral development institutions; Adjustment process; Unemployment; Global; Sub-Saharan Africa; Caribbean; Central America; Africa; audit report; Economic recession