BELIZE: A POSTER CHILD FOR AN IMPRESSIVE REBOUND

The John Briceno administration has revived Belize’s economy in just two and a half years. The International Monetary Fund (IMF) issued its Article IV Consultation 2023 Report that shows significant growth and improvement since the Briceno Administration came into office. The IMF reported that in 2020, just before the elections, the economy had shrunk by thirteen percent. In 2021 and 2022, a turnaround was clear as the economy began rebounding by fifteen point two percent and twelve point one percent, respectively. This is proof that the #PlanBelize strategy is working, despite doubts by the IMF and other entities. Belize took its own home-grown plan and began working the economy, implementing austerity measures and collaborating with the unions and other agencies to rebuild the mess that was left behind by the previous administration.

IMF is projecting that the rate of inflation will see a decline, and that the global slowdown will still have a trickling effect on Belize. The government has been able to buffer the effects of the global economy by fixing fuel prices for the past year which saves the consumer from paying the real cost at the pumps.

As for Belize’s fiscal position, the IMF has applauded a significant decrease in public debt, and has attributed it to the debt for marine protection swap with The Nature Conservancy, coupled with a discount on PetroCaribe payments from Venezuela.

As per recommendations from the IMF, the government is already working on projects and programs that will enhance revenues, reprioritize expenditures, prioritize spending on infrastructure, social programs, and crime prevention. Additionally, as part of the #PlanBelize mission, the government has already introduced initiatives that will ease access to credit for micro, small, and medium sized enterprises, enhance governance, and build resilience to climate change and related disasters.