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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: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
The level of public investment in Belize has varied over the past years in the context of existing constraints. The sharp increase in public debt has limited available fiscal space.1 This has resulted in an increase in externally financed investments as a share of the capital budget and a growing interest in public private partnerships (PPPs) to help achieve the government of Belize’s national strategy objectives.2 However, the correlation between Belize’s public investment and GDP growth remains weak, and the public capital stock as a ratio to GDP shows a sharp deterioration, possibly pointing to investment inefficiencies.
Keywords:
ISCR; CR; investment project; management process; cash flow; Project implementation; budget preparation document; investment plan; investment portfolio; investment priority; budget document; public investment; fiscal year; Public investment and public-private partnerships (PPP); Public investment spending; Budget planning and preparation; Capital spending; Capital budget; Central America
Cover Policy Papers
Technical Assistance Evaluation Program - Findings of Evaluations and Updated Program - Second Mid-Term Review of the Caribbean Regional Technical Assistance Centre
International Monetary Fund
CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.
Keywords:
PP; steering committee; CARTAC program; CARTAC activity; work plan; CARTAC advisers activity analysis; governance practice; cash management; on-the-job training; reform program; budget management CARTAC; Value-added tax; Budget planning and preparation; Caribbean; Middle East; East Africa
Cover Policy Papers
Technical Assistance Evaluation Program - Findings of Evaluations and Updated Program - Mid-Term Evaluation of Middle East Regional Technical Assistance Center
International Monetary Fund
CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.
Keywords:
PP; steering committee; CARTAC program; work plan; CARTAC activity; governance practice; reform program; budget management CARTAC; CARTAC intervention; on-the-job training; CARTAC's work; CARTAC consultant; CARTAC PC; Value-added tax; Budget planning and preparation; Caribbean; Middle East; East Africa
Cover IMF Staff Country Reports
Belize: Staff Report for the 2006 Article IV Consultation
International Monetary Fund
Overly expansionary macroeconomic policies contributed to a widening of current account deficits, an unsustainable buildup of public debt, and the erosion of international reserves. The Belize government has already made commendable strides in correcting macroeconomic imbalances, based on measures to increase tax collection, rein in discretionary current expenditure, and cut capital expenditure. However, these efforts alone are not sufficient to bring the public finances and the balance of payments back on a sustainable path; supportive structural reforms in the fiscal and monetary areas should be implemented.
Keywords:
ISCR; CR; government; monetary policy; cash reserve asset; deficit; liquid asset; government organization; debt management practice; Belize authorities; Debt service; Public sector; Central America; Caribbean; Global
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