IDB Loan for Ministry of Finance Digitization and Training

Belize has secured a loan of US eight million dollars from the Inter-American Development Bank to be invested in digitalization, staff training and expanding a data center at the Ministry of Finance. It will also be used to implement data analytics and upgrade the overall public financial management system for faster economic recovery. A press release from the IDB today says the loan has a maturity period of twenty-five years, a grace period of five and a half years, and an interest rate based on LIBOR, a key benchmark known as London Interbank Offered Rate, which sets the interest rates charged on adjustable-rate loans. The new system, once in place, is expected to allow for more efficient allocation of financing resources, enhance internal and external oversight on government spending and adoption of better internal auditing practices.