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Western Hemisphere > Belize

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Cover IMF Staff Country Reports
Belize: Technical Assistance Report-Transition to Accrual Accounting
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance report on Belize focuses on transition to accrual accounting. Belize is planning to transition to accrual accounting over the medium term. This reform is considered an advanced practice on the public financial management (PFM) spectrum and has been attempted by few regional comparators. The transition to accruals is a complex, resource-intensive and advanced reform that requires various preconditions to be met. The current organization and responsibilities of Treasury staff do not support the transition to accruals. Accounting reforms will take time to implement and require change management processes if they are to succeed. The Treasury does not currently have a change management culture to manage reforms and track performance. A new unit should be created to oversee change management, strategic planning, performance management, risk management as well as monitoring and evaluation. A PFM coordinating committee, chaired by the Financial Secretary, should be established to strengthen planning and internal collaboration.
Keywords:
IMF's Fiscal Affairs Department; authorities of Belize; government ministry; cash basis; accounts receivable; government accounting Manual; Fiscal accounting and reporting; Financial statements; Accounting standards; Chart of accounts
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