Belize: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize
IMF Staff Country Reports, December 9, 2019
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- Belize: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize
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Bibliographic details
- Published: December 9, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513522135.002
Overview and key findings
- Focus areas: structural reforms to raise growth and social inclusion; strengthening resilience to natural disasters; balanced medium-term fiscal consolidation; tax reform; strengthening financial oversight and anti-money laundering and combating the financing of terrorism actions.
- Public debt remains above 90 percent of gross domestic product.
- The current account deficit is projected to remain large over the medium term.
- International reserves are just below three months of imports of goods and services.
- The pace of structural reform has been slow.
- Belize is adapting its tax regime in response to concerns from multilateral institutions regarding potentially harmful features.
- Sustaining Belize’s recent economic expansion, spurring private investment, and facilitating structural diversification hinges on strengthening the business environment.
Risks and vulnerabilities
- Downside risks identified:
- Slower US growth.
- Natural disasters.
- Crime.
- Renewed pressures on correspondent banking relationships.
- These risks could weaken growth and financial stability.
Policy recommendations and priorities
- Strengthen resilience to natural disasters.
- Pursue balanced medium-term fiscal consolidation.
- Implement tax reform and adapt the tax regime in line with multilateral concerns.
- Strengthen financial oversight and anti-money laundering and combating the financing of terrorism actions.
- Improve the business environment to sustain expansion, attract private investment, and support structural diversification.
Subject areas and keywords
- Subject: Economic sectors, Environment, Financial services, Fiscal policy, Fiscal stance, Natural disasters, Public debt, Public sector, Tourism
- Keywords: authority, Belize, Caribbean, CR, exchange regime, Fiscal stance, government's Fiscal Strategy, ISCR, liability positions vis-à-vis nonresident, Natural disasters, policy, policy priority, Public sector, resilience building, tax framework, Tourism
International Monetary Fund. Belize: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize, IMF Staff Country Reports 2019, 364 (2019).
Content in this bundle
- 1blizea2019001