I.M.F. Representatives in Belize for Article Four Consultation

Chris Coye

Representatives from the International Monetary Fund, I.M.F, have been in Belize since the end of last week conducting consultations for their review. The representatives wrapped up their visit today. News Five asked the Minister of State in the Ministry of Finance how the consultation went.

Chris Coye, Minister of State, Finance

“I think it’s going well actually. For the most part, I, I believe that, um, they’re satisfied with efforts of our government in terms of fiscal consolidation. Um, fiscal. And, and the overall performance of the economy. They in effect verified the figures that, that we have in terms of the Statistical Institute and of Belize and the Central Bank of Belize. So far as debt is concerned that you’ll see, um, where they see our debt is debt, debt, GDP ratio. Um, I think it’s without Venezuela’s. It’s sixty-eight point a half percent that the G.D.P. with the discount, it’s going to be around sixty, sixty-four or thereabouts, way ahead of, target or way ahead of plans, but of course they, they want us to, to keep managing our, our debt, um, prudently and ultimately want us to move. I think last year’s article four, it was, um, moved to sixty percent by, by 2030. Suggesting that we move to fifty percent by 2030. But if we are at sixty-four already, and it’s only 2023, we are ahead of funding.”

Marion Ali

“So what’s the government’s reaction to, to that recommendation?”

Chris Coye

“No, it’s something that, it’s part of overall, um, food and fiscal management, you know, so it’s, it’s not something that we abhor, but at the same time, um, we have our development strategy as well, at the same time, knowing that our debt position has improved so significantly. They see us as having an ability focus more on, on some of the development needs of the country, including infrastructure and social protection. On the economic front, they also acknowledge that our growth rate has, has, has been better than they projected. Um, I think in 2022, the expectation is, um, that we will, um, grow by eleven – I think their number is eleven point four percent. They’re also seeing inflation coming down.”

Representatives from the International Monetary Fund, I.M.F, have been in Belize since the end of last week conducting consultations for their review. The representatives wrapped up their visit today. News Five asked the Minister of State in the Ministry of Finance how the consultation went.

Chris Coye, Minister of State, Finance

“I think it’s going well actually. For the most part, I, I believe that, um, they’re satisfied with efforts of our government in terms of fiscal consolidation. Um, fiscal. And, and the overall performance of the economy. They in effect verified the figures that, that we have in terms of the Statistical Institute and of Belize and the Central Bank of Belize. So far as debt is concerned that you’ll see, um, where they see our debt is debt, debt, GDP ratio. Um, I think it’s without Venezuela’s. It’s sixty-eight point a half percent that the G.D.P. with the discount, it’s going to be around sixty, sixty-four or thereabouts, way ahead of, target or way ahead of plans, but of course they, they want us to, to keep managing our, our debt, um, prudently and ultimately want us to move. I think last year’s article four, it was, um, moved to sixty percent by, by 2030. Suggesting that we move to fifty percent by 2030. But if we are at sixty-four already, and it’s only 2023, we are ahead of funding.”

Marion Ali

“So what’s the government’s reaction to, to that recommendation?”

Chris Coye

“No, it’s something that, it’s part of overall, um, food and fiscal management, you know, so it’s, it’s not something that we abhor, but at the same time, um, we have our development strategy as well, at the same time, knowing that our debt position has improved so significantly. They see us as having an ability focus more on, on some of the development needs of the country, including infrastructure and social protection. On the economic front, they also acknowledge that our growth rate has, has, has been better than they projected. Um, I think in 2022, the expectation is, um, that we will, um, grow by eleven – I think their number is eleven point four percent. They’re also seeing inflation coming down.”