Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

KEY ISSUES Outlook and risks. The economy will remain vulnerable over the medium term, with sluggish real GDP growth, rising public debt and widening external current account deficits. International reserves could decline to uncomfortably low levels. The financial system would continue to be hampered by high NPLs and low capital buffers, especially at a systemic bank. Main fiscal risks include a court decision that could lead to a larger than expected compensation to the former owners of the nationalized companies, weaknesses in a systemic bank, and the cost of the new public bank. Focus of the Consultation. Discussions focused on measures that would place public debt on a sustainable path; address weaknesses in the financial system, particularly in a systemic bank; buttress external sector resilience; and enhance competitiveness and inclusive growth. Key policy advice. ? Improve the primary fiscal balance to about 4.5 percent of GDP starting in 2015. This could be achieved mainly 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. Active debt management, including refinancing of expensive debt with low-earning deposits (essentially from PetroCaribe), would support these efforts. ? Address banking sector vulnerabilities through improving capital buffers. ? Improve public financial management (PFM) to contain low-quality spending, strengthen budget formulation, preparation, and execution, and improve the coverage and accuracy of budget documents. ? Further improve the business environment to attract more private investment, boost competitiveness, and enhance job-creating and inclusive growth. Implementation of staff advice. Implementation of recent staff advice is mixed. The breathing room provided by the debt restructuring was not used to improve the primary fiscal balance. The authorities plan to review exemptions and zero-ratings under the GST.

Belize --- Balize --- Belice --- Government of Belize --- Wilisi --- Beliz --- Беліз --- Belisa --- Белиз --- Република Белиз --- Republika Beliz --- Commonwealth of Belize --- Μπελίζε --- Belizo --- Belici --- Belis --- Bheilís --- Veleesh --- Beilise --- בליז --- Beliza --- Belizas --- Белизе --- ベリーズ --- Berīzu --- Beles --- Bilisi --- Белізе --- Belizi --- Bhelizi --- Belise --- Belisän --- Beliis --- בעליזע --- בּעליז --- Belėzos --- 伯利兹 --- Bolizi --- British Honduras --- Economic conditions. --- E-books --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Criminology --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Taxation, Subsidies, and Revenue: General --- Fiscal Policy --- Labor Economics: General --- National Government Expenditures and Related Policies: General --- Banking --- Public finance & taxation --- Finance --- Labour --- income economics --- International reserves --- Loans --- Revenue administration --- Fiscal stance --- Fiscal policy --- Central banks --- Expenditure --- Financial institutions --- Banks and banking --- Foreign exchange reserves --- Revenue --- Expenditures, Public --- Income economics

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The economy of Belize in recent years has been vulnerable to adverse shocks owing to its weak external position, policy rigidities, and reduced access to external financing. Executive Directors commended the authorities for their prudent macroeconomic management during the crisis. Directors emphasized the need for fiscal consolidation strategy, and stressed the need to strengthen the banking system. They supported plans to improve public financial management and tax administration. They welcomed monetary policy framework, liquidity management, and development plan policies, and offered expert assistance as well.

Monetary policy --- Banks and banking --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Belize --- Balize --- Belice --- Government of Belize --- Wilisi --- Beliz --- Беліз --- Belisa --- Белиз --- Република Белиз --- Republika Beliz --- Commonwealth of Belize --- Μπελίζε --- Belizo --- Belici --- Belis --- Bheilís --- Veleesh --- Beilise --- בליז --- Beliza --- Belizas --- Белизе --- ベリーズ --- Berīzu --- Beles --- Bilisi --- Белізе --- Belizi --- Bhelizi --- Belise --- Belisän --- Beliis --- בעליזע --- בּעליז --- Belėzos --- 伯利兹 --- Bolizi --- British Honduras --- Economic conditions. --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy --- International Lending and Debt Problems --- General Aggregative Models: General --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- International economics --- Public debt --- International reserves --- External debt --- Revenue administration --- Central banks --- Debts, Public --- Foreign exchange reserves --- Debts, External --- Loans --- Revenue

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Belize’s near-term macroeconomic prospects have improved over the past year. The main risks to growth and financial stability arise from fiscal challenges and deterioration in the global outlook. Despite data limitations that constrain the analysis, the Belize dollar appears broadly in line with fundamentals, and the external accounts are not a threat to external stability. Progress in consolidating the public sector’s financial position needs to continue. A front-loaded fiscal adjustment is necessary to lower Belize’s debt ratios and regain market access.

Belize --- Balize --- Belice --- Government of Belize --- Wilisi --- Beliz --- Беліз --- Belisa --- Белиз --- Република Белиз --- Republika Beliz --- Commonwealth of Belize --- Μπελίζε --- Belizo --- Belici --- Belis --- Bheilís --- Veleesh --- Beilise --- בליז --- Beliza --- Belizas --- Белизе --- ベリーズ --- Berīzu --- Beles --- Bilisi --- Белізе --- Belizi --- Bhelizi --- Belise --- Belisän --- Beliis --- בעליזע --- בּעליז --- Belėzos --- 伯利兹 --- Bolizi --- British Honduras --- Economic conditions. --- Economic policy. --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Public Finance --- Taxation --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Business Taxes and Subsidies --- International Lending and Debt Problems --- Energy: General --- Public finance & taxation --- International economics --- Investment & securities --- Econometrics & economic statistics --- Finance --- Public debt --- Fiscal policy --- Oil, gas and mining taxes --- External debt --- Oil --- Taxes --- Commodities --- Debts, Public --- Debts, External --- Petroleum industry and trade

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This Selected Issues paper assesses the current strength of the balance sheets of large banks in Belize and takes stock of progress made on the regulatory, supervisory, and crisis management frameworks since the 2011 Financial Sector Assessment Program (FSAP). The improvement in financial stability indicators was boosted by implementation of key FSAP recommendations. The Central Bank strengthened provisioning and loan classification standards. The new rules force banks to focus more on the borrower’s capacity to repay the loan rather than on the value of collaterals. The regulatory, supervisory, and crisis management frameworks as well as the financial infrastructure could be further strengthened. The supervision department of the Central Bank could be strengthened with examiners specializing in information technologies (IT) with the view of ensuring the integrity of banks’ IT systems. Asset quality reviews and forward-looking stress tests could complement current supervisory practices and improve Central Bank’s assessments of banks’ balance sheets.

Belize --- Balize --- Belice --- Government of Belize --- Wilisi --- Beliz --- Беліз --- Belisa --- Белиз --- Република Белиз --- Republika Beliz --- Commonwealth of Belize --- Μπελίζε --- Belizo --- Belici --- Belis --- Bheilís --- Veleesh --- Beilise --- בליז --- Beliza --- Belizas --- Белизе --- ベリーズ --- Berīzu --- Beles --- Bilisi --- Белізе --- Belizi --- Bhelizi --- Belise --- Belisän --- Beliis --- בעליזע --- בּעליז --- Belėzos --- 伯利兹 --- Bolizi --- British Honduras --- Economic conditions. --- Banks and Banking --- Finance: General --- Labor --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Wages, Compensation, and Labor Costs: General --- Wages, Compensation, and Labor Costs: Public Policy --- International Lending and Debt Problems --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labour --- income economics --- Banking --- Finance --- Wage adjustments --- Wage bargaining --- Commercial banks --- Financial institutions --- Loans --- Banks and banking --- International finance --- Credit ratings --- Banks and banking, Foreign --- Income economics

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This 2019 Article IV Consultation with Belize focused on structural reforms to raise growth and social inclusion; strengthening resilience to natural disasters; balanced medium-term fiscal consolidation; tax reform; and strengthening financial oversight and anti-money laundering and combating the financing of terrorism actions. Public debt remains above 90 percent of gross domestic product, the current account deficit is projected to remain large over the medium term, and international reserves are just below three months of imports of goods and services. The pace of structural reform has been slow. Downside risks, including from slower US growth, natural disasters, crime, and renewed pressures on correspondent banking relationships could weaken growth and financial stability. Belize is adapting its tax regime in response to concerns from multilateral institutions regarding potentially harmful features. Sustaining Belize’s recent economic expansion, spurring private investment, and facilitating structural diversification hinges on strengthening the business environment.

Belize --- Economic conditions. --- Balize --- Belice --- Government of Belize --- Wilisi --- Beliz --- Беліз --- Belisa --- Белиз --- Република Белиз --- Republika Beliz --- Commonwealth of Belize --- Μπελίζε --- Belizo --- Belici --- Belis --- Bheilís --- Veleesh --- Beilise --- בליז --- Beliza --- Belizas --- Белизе --- ベリーズ --- Berīzu --- Beles --- Bilisi --- Белізе --- Belizi --- Bhelizi --- Belise --- Belisän --- Beliis --- בעליזע --- בּעליז --- Belėzos --- 伯利兹 --- Bolizi --- British Honduras --- Fiscal policy. --- Civil service & public sector --- Climate --- Debt Management --- Debt --- Debts, Public --- Economic sectors --- Environment --- Finance --- Finance, Public --- Financial Institutions and Services: Government Policy and Regulation --- Financial services industry --- Financial services --- Fiscal Policy --- Fiscal policy --- Fiscal stance --- Gambling --- Global Warming --- Hospitality, leisure & tourism industries --- Industries: Financial Services --- Industries: Hospital,Travel and Tourism --- Macroeconomics --- National Government Expenditures and Related Policies: General --- Natural Disasters and Their Management --- Natural Disasters --- Natural disasters --- Public debt --- Public finance & taxation --- Public Finance --- Public sector --- Recreation --- Restaurants --- Sovereign Debt --- Sports --- Taxation --- Tourism