Belize: 2010 Article IV Consultation-Staff Report; Informational Annex; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Belize
IMF Staff Country Reports, January 14, 2011
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- Belize: 2010 Article IV Consultation-Staff Report; Informational Annex; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Belize
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Bibliographic details
- Published: January 14, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455213771.002
Main findings on the economy and vulnerabilities
- The economy of Belize in recent years has been vulnerable to adverse shocks owing to its weak external position, policy rigidities, and reduced access to external financing.
- Executive Directors commended the authorities for their prudent macroeconomic management during the crisis.
- Directors emphasized the need for a fiscal consolidation strategy.
- Directors stressed the need to strengthen the banking system.
- Directors supported plans to improve public financial management and tax administration.
- Directors welcomed the monetary policy framework, liquidity management, and development plan policies, and offered expert assistance.
Policy recommendations and areas for reform
- Fiscal consolidation:
- Develop and implement a fiscal consolidation strategy (explicit emphasis by Directors).
- Banking system:
- Strengthen the banking system (explicit emphasis by Directors).
- Public finance management:
- Improve public financial management.
- Strengthen tax administration.
- Monetary and liquidity policy:
- Continue the monetary policy framework and liquidity management practices supported by Directors.
- Technical assistance:
- Utilize offered expert assistance to implement the above reforms.
Subject coverage and keywords
- Subject: Banking, Central Banks, Commercial banks, External debt, Financial institutions, International reserves, Public debt, Revenue administration
- Keywords: authority, Belize economy, Caribbean, Commercial banks, CR, Global, International reserves, ISCR, loan facility, overdue loan, staff appraisal, staff state