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Mar 15, 2021
Belize Response to IMF Report
On Friday, the International Monetary Fund issued its concluding statement after their annual country visit.  The Government of Belize has responded to the report saying the IMF has now confirmed what Prime Minister John Briceño has been saying for months regarding the financial legacy left by his predecessor Dean Barrow.  The IMF reports that Belize had been in a recession well before the COVID-19 pandemic.  It also indicates the previous government had borrowed seventy million dollars over the years 2019 and 2020 to meet operating costs, including salaries.  The debt grew so much it has reached one hundred and thirty percent of the Belize’s annual Gross Domestic Product, or four point two billion dollars.  As expected, the IMF report recommends the urgent implementation of an Economic Recovery Plan which curtails spending and increases revenue collection.  They are also recommending a restructuring of government debts and capital investments in only the most productive sectors of the economy.  The bank also pointed out the need for “bona fide” foreign investments, and domestic investments that prioritize job creation and export earnings.   The Government of Belize release noted that the IMF predicts a low recovery of the Belizean economy and a plan that will have as its target cutting the national debt to G.D.P. ratio in half, down to sixty percent of G.D.P. by 2031.  The IMF report comes amid a heated struggle over salary cuts between the government and the public service unions, including the Belize National Teacher’s Union.

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