Previous Thread
Next Thread
Print Thread
IMF calls on Belize to take “strong measures” #495386
09/05/14 09:50 AM
09/05/14 09:50 AM
Joined: Oct 1999
Posts: 65,154
oregon, spr
Marty Offline OP

Marty  Offline OP
The International Monetary Fund (IMF) released its latest assessment of Belize this evening, and its executive board’s assessment calls on the Government of Belize to trigger “a vigorous policy response” to what the IMF describes as Belize’s weakened macroeconomic performance, “on the back of decelerating growth and increasing fiscal and external imbalances.”

The IMF is calling for “strong measures” which it said “are necessary to moderate goods and services and wage-related outlays, reform the public employees’ pension system, and broaden the base for the general sales tax.”

Prime Minister and Minister of Finance Dean Barrow told Amandala, when we asked him for a response to the IMF assessment, that he knows what the report is that went to the board, but added that Belize will continue to grow, and grow its own way.

According to the IMF, Belize’s real GDP growth plummeted to 0.7% in 2013 from 4% in 2012, mainly due to continued declines in oil production and weak agricultural output, especially of sugarcane and citrus.

The IMF report said, though, that revenue is expected to be better-than-budgeted due to “robust tax revenues,” which more than offset the decline in non-tax revenues.
It said that “substantial increases in wages and salaries, transfers and interest payments drove up current expenditure,” while capital expenditures were higher than budgeted due to infrastructure works to repair damage caused by heavy rains in 2013.

However, the IMF says that, “The medium-term outlook is worse than envisaged during the 2013 Article IV consultation. Real GDP growth would be weaker than expected in the near term but hover around 2.5 percent over the medium term, as declining oil production would be partially offset by higher output of other commodity exports, tourism and construction.”

In its latest report on Belize’s economic growth, the Statistical Institute of Belize said that growth for the first half of 2013 had reached 3.7%, with an 8.7% second quarter growth offsetting a 0.4% decline in the first quarter.


Re: IMF calls on Belize to take “strong measures” [Re: Marty] #496072
09/25/14 08:12 AM
09/25/14 08:12 AM
Joined: Oct 1999
Posts: 65,154
oregon, spr
Marty Offline OP

Marty  Offline OP

IMF Advises GOB Against Salary Increase To Union

The International Monetary Fund country report was released on September 19th and follows consultations conducted in April and May with Belizean officials on economic developments and policies which was led by Jacques Bouhga-Hagbe. Issues that stand out in respect of social indicators which remain daunting, adding to spending pressures; are unemployment, poverty, accrued inflation, just to name a few.

The report concludes that unemployment stood at 14.2 percent in September 2013 and is on an upward trend since it hit its lowest level in 2008 . The latest country poverty assessment (CPA) was conducted in 2009, which showed that poverty increased substantially since the previous assessment in 2002. The share of households living in poverty increased from 25 percent to 33 percent, with the share living in severe poverty rising from 8 to 10 percent. The report indicates that Poverty increased mainly because of stagnating economic growth. According to the 2013 UN Global Study on Homicide, Belize has one of the world’s highest homicide rates with 44.7 homicides per 100,000 inhabitants.

The report notes that large wage increases for public employees and the fiscal space created by the debt restructuring of March 2013 has not been used to put the fiscal position on a sustainable path. In particular the primary surplus remains well below levels recommended by staff. On tax reform, the authorities still plan to review the list of exemptions and zero-ratings under the GST.

The report also shows that Macroeconomic performance has weakened since the Real GDP growth plummeted to 0.7 percent in 2013, from 4 percent in 2012, mainly due to continued declines in oil production and weak agricultural output, especially sugarcane and citrus. Average inflation eased to 0.5 percent from 1.3 percent a year ago, as commodity price pressures abated. In March 2014, inflation picked up to 1.4 percent mainly as a result of higher prices in the food and housing, water, electricity, gas and other fuels categories.

In its segment on key policy advice, the IMF said the Government of Belize could improve its fiscal stance by “allowing spending on goods and services to rise only in line with inflation; containing the expansion in the wage bill; requiring public workers to contribute to their pensions; and by widening the tax base and strengthening revenue administration.”

The IMF notes that Belize’s implementation of the recent staff advice has been a mixed bag.

It is of note that the preliminary IMF report which was released two weeks ago, called unto the Government to implement ‘strong measures” and as reported by the Amandala Newspaper who posed the question to the Prime minister, his answer to the assessment was that “Belize will continue to grow and grow in its own way”, end of quote.

The 67 page report also signals the IMF’s disapproval of the recently announced sizeable wage increases for public employees and Governments commitment to allocating half of the annual growth in recurrent revenues to increases in public sector wages during Fiscal Year 2014/2015–and Fiscal Year 2016/2017.


Portofino Resort- Now with a new BEACH BAR!!
Click for excellent scuba lessons with Elbert Greer!
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!
Maruba Beach Klub and Spa is the premiere Secret Beach spa and restaurant located on the crystal blue waters of the Caribbean Sea at the center of Secret Beach, Belize
First Class Accommodations for the Budget Traveler

Things to do

Daily News
Daily Weather

Classified Ads
San Pedro Sun
Ambergris Today
SP Town Council
Channel 7
Channel 5
Love FM
The Reporter
TV Newscasts
Radio Stations

Click for our
Search thousands of Belizean-only websites

Event Guides
Event Calendar
Specials & Events
Things to Do
iTravel Belize
Paradise Theater
San Pedro Fun Finder
Paradise Guy Event Calendar
Cayo Event Calendar

San Pedro Scoop!
Tia Chocolate
My Beautiful Belize
I-Travel Belize
Belize Adventure
Belize Hub
Romantic Travel
Belize Happy Adventures
Conch Creative
Caribbean Culture & Lifestyle
More Blogs...
Search thousands of Belizean-only websites
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.
Click for Ian Anderson's Caves Branch, Welcome to a World of Adventure
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.
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
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!
ShoutChat Box
Who's Online Now
0 registered members (), 375 guests, and 0 spiders.
Key: Admin, Global Mod, Mod
Forum Statistics
Most Online2,982
Jan 29th, 2019 HELP! Visitor Center Goods & Services San Pedro Town Message Board Lodging Diving Fishing Things to Do History Maps Phonebook Belize Business Directory 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.

Powered by UBB.threads™ PHP Forum Software 7.7.1