{
  "title": "Belize: 2024 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, May 15, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/05/15/belize-2024-article-iv-consultation-press-release-and-staff-report-549008",
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  "summary": "The 2024 Article IV Consultation with Belize highlights that real gross domestic product growth and inflation moderated in 2023.",
  "sections": [
    {
      "heading": "Macroeconomic context and recent developments",
      "content": "- Real gross domestic product growth and inflation moderated in 2023.\n- Key immediate macro-financial priorities include:\n  - Raising the primary balance with revenue mobilization and expenditure rationalization to lower public debt to a level that provides sufficient buffers.\n  - Increasing expenditure in priority areas.\n  - Adopting growth-enhancing structural reforms.\n  - Building resilience to climate change and related disasters."
    },
    {
      "heading": "Policy recommendations to boost growth and inclusiveness",
      "content": "- Fiscal policy\n  - Raise the primary balance through:\n    - Revenue mobilization.\n    - Expenditure rationalization.\n  - Reallocate resources to increase expenditure in priority areas.\n  - Adopt a multi-year macro-fiscal framework to underpin fiscal and disaster-resilience planning.\n- Structural and labor-market reforms\n  - Increase female labor force participation.\n  - Enhance access to affordable credit for small and medium size enterprises.\n  - Reduce crime and improve the business climate.\n- Climate and disaster resilience\n  - Adopt a disaster resilience strategy that strengthens:\n    - Structural resilience.\n    - Financial resilience.\n    - Post-disaster resilience.\n  - Base disaster resilience measures on a multi-year macro-fiscal framework.\n- Financial sector stability\n  - Keep vulnerable financial institutions under enhanced supervision.\n  - Request recapitalization when needed to maintain financial stability.\n- Monetary and exchange rate considerations\n  - Strengthen the currency peg by:\n    - Increasing international reserves by reducing public debt.\n    - Implementing structural reforms.\n    - Limiting government financing by the Central Bank."
    },
    {
      "heading": "Expected effects and strategic outcomes",
      "content": "- The recommended policies would:\n  - Boost growth and make it more inclusive.\n  - Build sufficient fiscal buffers through lower public debt and higher primary balances.\n  - Enhance resilience to climate change and related disasters.\n  - Support financial stability and preserve the currency peg.\n\n---\n\n Content in this bundle\n\n- 1blzea2024001\n  - 1blzea2024001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1blzea2024001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 15, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400276248.002",
    "Real gross domestic product growth and inflation moderated in 2023.",
    "Key immediate macro-financial priorities include:",
    "Structural and labor-market reforms",
    "Climate and disaster resilience",
    "Financial sector stability",
    "Monetary and exchange rate considerations",
    "The recommended policies would:",
    "**1blzea2024001**"
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