## Belize: 2024 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, May 15, 2024_

## Source details

**Canonical URL:** [Belize: 2024 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2024/05/15/belize-2024-article-iv-consultation-press-release-and-staff-report-549008)

## Other formats

- [Markdown version](/en/publications/cr/issues/2024/05/15/belize-2024-article-iv-consultation-press-release-and-staff-report-549008/index.md)
- [Structured JSON version](/en/publications/cr/issues/2024/05/15/belize-2024-article-iv-consultation-press-release-and-staff-report-549008/index.json)
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## Bibliographic details
- Published: May 15, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400276248.002

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### Macroeconomic context and recent developments
- Real gross domestic product growth and inflation moderated in 2023.
- Key immediate macro-financial priorities include:
  - Raising the primary balance with revenue mobilization and expenditure rationalization to lower public debt to a level that provides sufficient buffers.
  - Increasing expenditure in priority areas.
  - Adopting growth-enhancing structural reforms.
  - Building resilience to climate change and related disasters.

### Policy recommendations to boost growth and inclusiveness
- Fiscal policy
  - Raise the primary balance through:
    - Revenue mobilization.
    - Expenditure rationalization.
  - Reallocate resources to increase expenditure in priority areas.
  - Adopt a multi-year macro-fiscal framework to underpin fiscal and disaster-resilience planning.
- Structural and labor-market reforms
  - Increase female labor force participation.
  - Enhance access to affordable credit for small and medium size enterprises.
  - Reduce crime and improve the business climate.
- Climate and disaster resilience
  - Adopt a disaster resilience strategy that strengthens:
    - Structural resilience.
    - Financial resilience.
    - Post-disaster resilience.
  - Base disaster resilience measures on a multi-year macro-fiscal framework.
- Financial sector stability
  - Keep vulnerable financial institutions under enhanced supervision.
  - Request recapitalization when needed to maintain financial stability.
- Monetary and exchange rate considerations
  - Strengthen the currency peg by:
    - Increasing international reserves by reducing public debt.
    - Implementing structural reforms.
    - Limiting government financing by the Central Bank.

### Expected effects and strategic outcomes
- The recommended policies would:
  - Boost growth and make it more inclusive.
  - Build sufficient fiscal buffers through lower public debt and higher primary balances.
  - Enhance resilience to climate change and related disasters.
  - Support financial stability and preserve the currency peg.

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## Content in this bundle

- **1blzea2024001**
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  - [1blzea2024001 (PDF)](/-/media/files/publications/cr/2024/english/1blzea2024001.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2024/05/15/belize-2024-article-iv-consultation-press-release-and-staff-report-549008_