{
  "title": "Belize: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize",
  "publication": "IMF Staff Country Reports, December 9, 2019",
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  "summary": "This 2019 Article IV Consultation with Belize focused on structural reforms to raise growth and social inclusion; strengthening resilience to natural disasters; balanced medium-term fiscal consolidation; tax reform; and strengthening financial oversight and anti-money laundering and combating the fi",
  "sections": [
    {
      "heading": "Overview and key findings",
      "content": "- 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.\n- Public debt remains above 90 percent of gross domestic product.\n- The current account deficit is projected to remain large over the medium term.\n- International reserves are just below three months of imports of goods and services.\n- The pace of structural reform has been slow.\n- Belize is adapting its tax regime in response to concerns from multilateral institutions regarding potentially harmful features.\n- Sustaining Belize’s recent economic expansion, spurring private investment, and facilitating structural diversification hinges on strengthening the business environment."
    },
    {
      "heading": "Risks and vulnerabilities",
      "content": "- Downside risks identified:\n  - Slower US growth.\n  - Natural disasters.\n  - Crime.\n  - Renewed pressures on correspondent banking relationships.\n- These risks could weaken growth and financial stability."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Strengthen resilience to natural disasters.\n- Pursue balanced medium-term fiscal consolidation.\n- Implement tax reform and adapt the tax regime in line with multilateral concerns.\n- Strengthen financial oversight and anti-money laundering and combating the financing of terrorism actions.\n- Improve the business environment to sustain expansion, attract private investment, and support structural diversification."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Economic sectors, Environment, Financial services, Fiscal policy, Fiscal stance, Natural disasters, Public debt, Public sector, Tourism\n- 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\n\nInternational 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).\n\n---\n\n Content in this bundle\n\n- 1blizea2019001\n  - 1blizea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1blizea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 9, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513522135.002",
    "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.",
    "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.",
    "Downside risks identified:",
    "These risks could weaken growth and financial stability.",
    "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: 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",
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