{
  "title": "Belize: Staff Report for the 2006 Article IV Consultation",
  "publication": "IMF Staff Country Reports, October 20, 2006",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/belize-staff-report-for-the-2006-article-iv-consultation-20022",
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  "summary": "Overly expansionary macroeconomic policies contributed to a widening of current account deficits, an unsustainable buildup of public debt, and the erosion of international reserves.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Overly expansionary macroeconomic policies contributed to a widening of current account deficits, an unsustainable buildup of public debt, and the erosion of international reserves.\n- The Belize government has already made commendable strides in correcting macroeconomic imbalances through measures to increase tax collection, rein in discretionary current expenditure, and cut capital expenditure.\n- 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."
    },
    {
      "heading": "Key findings",
      "content": "- Macroeconomic imbalances resulted in:\n  - widening of current account deficits;\n  - an unsustainable buildup of public debt;\n  - erosion of international reserves.\n- Government corrective measures to date include:\n  - measures to increase tax collection;\n  - restraints on discretionary current expenditure;\n  - cuts to capital expenditure."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Continue fiscal consolidation efforts beyond revenue measures and expenditure restraint.\n- Implement supportive structural reforms in the fiscal area.\n- Implement supportive structural reforms in the monetary area.\n- Strengthen debt management practices and public sector financial sustainability (implicit in findings on public debt).\n\n---\n\n Content in this bundle\n\n- cr06369 — IMF staff report excerpt\n  - cr06369 — IMF staff report excerpt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr06369 — IMF staff report excerpt (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: October 20, 2006",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451805536.002",
    "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 through measures to increase tax collection, rein in discretionary current expenditure, and cut capital expenditure.",
    "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.",
    "Macroeconomic imbalances resulted in:",
    "Government corrective measures to date include:",
    "Continue fiscal consolidation efforts beyond revenue measures and expenditure restraint.",
    "Implement supportive structural reforms in the fiscal area.",
    "Implement supportive structural reforms in the monetary area.",
    "Strengthen debt management practices and public sector financial sustainability (implicit in findings on public debt).",
    "**_cr06369 — IMF staff report excerpt**"
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