Portofino Resort- Now with a new BEACH BAR!!
Topic Options
#506007 - 07/21/15 10:00 AM IMF Reports Economic Growth for 2014 in Belize
Marty Offline
A ten day visit by the International Monetary Fund (IMF) concluded last Friday in Belize. During that visit, discussions were held regarding the country’s 2015 Article Four Consultation. The IMF team was led by Jacques Bouhga-Hagbe and upon conclusion, he prepared a statement, saying, in part, quote, “Growth accelerated to 3.6 percent in 2014 from 1.5 percent in 2013 on the back of a rebound in agriculture, and strong performances in tourism, electricity, construction and services.

The fall in international oil and food prices has pushed down headline inflation as of December 2014. Despite strong tourism receipts, falling exports, particularly of crude petroleum, and relatively strong imports widened the external current account deficit to 7.6 percent of GDP in 2014, up from 4.4 percent of GDP in 2013. Nevertheless, PetroCaribe and other official disbursements continued to finance the current account deficit and help build international reserves. The fiscal primary deficit increased to 1.5 percent of GDP in Financial Year 2014/2015. Although revenue collection remained in line with budget targets, spending continued to grow well above budget targets, driven by Petro Caribe-financed spending.” End of quote. The statement went on to read, quote, “The mission noted that significant downside risks to the economic outlook deserve close monitoring, including a protracted period of weak growth in advanced and emerging economies, complications with PetroCaribe financing, and the expected drop in sugar prices after the EU sugar reform takes full effect in 2017.

On the upside, low international oil prices and growth-enhancing projects that are being implemented or envisaged could mitigate these risks. In this context, the mission stressed the benefits of a more ambitious fiscal stance that would create the policy buffers needed to help contain downside risks.

Current efforts to strengthen the financial system should continue. Vigorous structural reforms, including greater flexibility in labor and other domestic markets, greater liberalization of the economy, simplification of procedures to start a new business and register property, and quicker resolution of contract disputes, would foster Belize’s competitiveness and raise GDP growth.” End of quote.

Whilst in Belize, the IMF team met with Prime Minister Dean Barrow, Financial Secretary Joseph Waight, Central Bank Governor Glenford Ysaguirre, other government and central bank officials, representatives of the private sector, labor unions, sugar farmers and members of the opposition.

LOVEFM

Top
#506010 - 07/21/15 10:21 AM Re: IMF Reports Economic Growth for 2014 in Belize [Re: Marty]
Diane Campbell Offline
I hope all in government will head the comments in the second to last paragraph. Amen.

Top
#506023 - 07/21/15 05:22 PM Re: IMF Reports Economic Growth for 2014 in Belize [Re: Marty]
Marty Offline
IMF reports on annual Belize consultation

Belize’s public debt could rise significantly, especially if the Caribbean Court of Justice calls for the payment of compensation to the former owners of the recently nationalized companies – the Belize Telemedia Limited and the Belize Electricity Limited.

This is according to a press release issued today by the International Monetary Fund (IMF), at the conclusion of its annual Article IV Consultation with Belize.

The IMF mission, led by Jacques Bouhga-Hagbe, visited Belize for two weeks, starting on Monday, July 6, and concluding today, Friday, July 17.

They held discussions with key Belize officials in the context of the country’s 2015 Article IV Consultation, during which they met with Prime Minister Dean Barrow, Financial Secretary Joseph Waight, Central Bank Governor Glenford Ysaguirre, other Government and Central Bank officials, as well as representatives of the private sector, labor unions, sugar farmers and the Opposition People’s United Party.

The IMF notes that the Government’s fiscal primary balance would remain in deficit, because of expansionary fiscal policies, including wage increases and new projects financed with Petrocaribe resources.

“Although revenue collection remained in line with budget targets, spending continued to grow well above budget targets, driven by Petrocaribe-financed spending,” the release said.

“The mission noted that significant downside risks to the economic outlook deserve close monitoring, including a protracted period of weak growth in advanced and emerging economies, complications with Petrocaribe financing, and the expected drop in sugar prices after the EU sugar reform takes full effect in 2017,” it added.

The IMF said, though, that low international oil prices and growth-enhancing projects that are being implemented or envisaged could mitigate these risks.

Turning to the country’s wider national economy, the IMF reported that, “Growth accelerated to 3.6 percent in 2014 from 1.5 percent in 2013 on the back of a rebound in agriculture, and strong performances in tourism, electricity, construction and services.”

It added that a fall in international oil and food prices has pushed down headline inflation to -0.2%, year on year, as of December 2014.

However, Belize’s external current account deficit widened from 4.4% to 7.6%, largely due to a drop in petroleum exports and a robust import demand.

“Nevertheless, Petrocaribe and other official disbursements continued to finance the current account deficit and help build international reserves (equivalent to 5 months of imports at end-December 2014),” the IMF said.

The team urges that current efforts to strengthen the financial system should continue.

“Vigorous structural reforms, including greater flexibility in labor and other domestic markets, greater liberalization of the economy, simplification of procedures to start a new business and register property, and quicker resolution of contract disputes, would foster Belize’s competitiveness and raise GDP growth,” the IMF team said.

Amandala

Top

Links
Click for excellent scuba lessons with Elbert Greer!


Things to do

News
Daily News
Daily Weather

Classified Ads
BelizeNews.com
San Pedro Sun
Ambergris Today
SP Town Council
Channel 7
Channel 5
Amandala
Love FM
The Reporter
Caye Caulker
Chronicles

PLUS TV
TV Newscasts
Radio Stations

Click for our
Search thousands of Belizean-only websites

Event Guides
Event Calendar
Specials & Events
Things to Do
SanPedroScoop
iTravel Belize
Paradise Theater

Blogs
San Pedro Scoop!
Tia Chocolate
Tacogirl
My Beautiful Belize
I-Travel Belize
Belize Adventure
Belize Hub
Romantic Travel
Bound for Belize
Conch Creative
As The Coconuts Drop
More Blogs...
Search thousands of Belizean-only websites
Chaa Creek is an award-winning luxury Belize Resort, rated as one of the worlds best Eco Lodges. We are a pioneer in adventure travel to Belize since 1981!
White Sands Dive Shop - 5 Star PADI Dive Facility - Daily diving, SCUBA instruction and Snorkeling
Caribbean Inspired All Natural Condiments & Spice Blends, Over 100 are Gluten Free!
We manage a variety of homes, apartments, condos and commercial properties here on Ambergris Caye. Our minimum lease on ALL properties is six months.
Conch Shell Inn: All rooms are right on the beach in the heart of San Pedro, so within walking distance to anything and everything!!
Lil’ Alphonse has snorkel equipment to fit anyone as well as Marine Park Tickets and flotation devices to assist those not as experienced.
Coastal Xpress offers a daily scheduled ferry run to most resorts, restaurants and private piers on the island of Anbergris Caye. We also offer  private and charter water taxi service.
Mini Chat

Cayo Espanto
Click for Cayo Espanto, and have your own private island
More Links
Click for exciting and adventurous tours of Belize with Katie Valk!
December
S M T W T F S
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
Who's Online
3 registered (Chica Blanca, JED, ScubaLdy), 36 Guests and 6 Spiders online.
Key: Admin, Global Mod, Mod
Forum Stats
18,670 Registered Members
44 Forums
64,015 Topics
462,193 Posts

Most users ever online: 1,262 @ 06/10/07 07:16 PM




AmbergrisCaye.com CayeCaulker.org HELP! Visitor Center Goods & Services San Pedro Town
BelizeSearch.com Message Board Lodging Diving Fishing Things to Do History
BelizeNews.com Maps Phonebook Belize Business Directory
BelizeCards.com SanPedroDaily.com Picture of the Day

The opinions and views expressed on this board are the subjective opinions of Ambergris Caye Message Board members
and not of the Ambergris Caye Message Board its affiliates, or its employees.