Belize: 2022 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2022 Issue 133

Publication date: May 2022

ISBN: 9798400209277

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Taxation - General , International - Economics , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , expenditure measure , PFM legislation , policy priority , calendar year GDP , central bank of Belize , Policy discussion , IMF team , Fiscal consolidation , Fiscal stance , Global , Caribbean

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Summary

The COVID-19 pandemic had a severe impact on Belize in 2020, leading to a 16.7 percent contraction in real GDP and a rise in public debt to an unsustainable level of 133 percent of GDP. To address this situation, the government presented a medium-term plan to lower public debt to 85 percent of GDP in 2025 and 70 percent in 2030 by implementing fiscal consolidation, structural reforms, and debt restructuring. Significant progress towards restoring debt sustainability was made in 2021.