IMF Staff Country Reports

IMF Staff Country Reports
Journal
Publisher:
International Monetary Fund
ISSN:
1934-7685
IMF Country Reports cover economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
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Belize : Staff Report for the 2013 Article IV Consultation

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Belize : Staff Report for the 2013 Article IV Consultation
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Volume/Issue:
2013/227
Series:
IMF Staff Country Reports
Author(s):
International Monetary Fund. Western Hemisphere Dept.
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
July 2013
DOI:
http://dx.doi.org/10.5089/9781484348642.002
ISBN:
9781484348642
ISSN:
1934-7685
Page:
67
This IMF staff report on Belize's 2013 Article IV Consultation highlights economic developments and macroeconomic outlook. Macroeconomic developments in 2012 were underpinned by robust output growth but clouded by uncertainties surrounding the debt restructuring and growth prospects of major trading partners. New provisioning, and loan classification standards implemented by the central bank at end-2011 have resulted in declining nonperforming loans (NPLs) in the banking system and improving provisioning. NPLs remain high at 20 percent of total loans at end-2012, with heavy concentration in one domestic and some international banks. In compliance with the new prudential measures, banks have been required to write off bad loans within 3-5 years.
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