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IMF Concludes Article IV Consultation With Belize,
by Glen Shapiro, LawAndTax-News.com, New York
Monday, December 17, 2007
An International Monetary Fund (IMF) mission headed by Przemek Gajdeczka, Advisor
in the IMF's Western Hemisphere Department, issued a statement on Thursday, following the conclusion of discussions in Belize City.
The statement explained that:
"During the past two weeks, as part of its routine annual Article IV consultation
with Belize, an IMF team met with government officials and private sector representatives
to review recent economic and financial developments and to discuss economic
prospects and policies."
"Economic growth was boosted in 2006 by new oil discoveries and strong
exports and, following a debt restructuring of early 2007, near-term macroeconomic
prospects are broadly favorable. The economy is projected to grow by 2¼
percent in 2007, and inflation is expected at 3 percent. For 2008, real GDP
growth is projected at about 3 percent, and inflation is expected to ease to
2½ percent."
"The successful implementation of the General Sales Tax boosted government
revenue, although the fiscal deficit in the fiscal year ending March 2008 is
projected to be somewhat larger than originally targeted. International reserves
have remained broadly unchanged since last year."
It continued:
"The discussions centered on macroeconomic policies needed to reduce fiscal
and external vulnerabilities. It was recognized that, although the debt agreement
of early 2007 had provided substantial liquidity relief, Belize's high debt,
vulnerable budget position and low reserves could affect financial stability
and growth. An ambitious 2008/09 budget would signal commitment to fiscal consolidation."
"Over the medium term, fiscal policies aimed at substantially lowering
debt ratios would ease access to market financing on favorable terms, especially
when maturities on the recently restructured debt begin falling due and gross
financing requirements will increase substantially. Rapid progress in fiscal
structural reforms, including in the areas of revenue administration, multi-year
budget planning, and debt management would support this effort."
In conclusion, the statement announced that:
"The IMF team supported the recent measures by the Central Bank of Belize
to control domestic liquidity, and encouraged early introduction of market-based
instruments of monetary management. These reforms combined with tight financial
policies would support a gradual build-up of international reserves, which remain
low by international standards."
On its return to Washington D.C., the team will prepare a staff report that
is scheduled to be discussed by the IMF's Executive Board in February/March.
It is expected that the staff report will soon thereafter be made public on
the IMF's website.
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