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Jun 6, 2016

Chamber of Commerce Weighs in on Dismal IMF Report

Nikita Usher

The International Monetary Fund, IMF, issued its Article Four Consultation Report last week and the economy outlook is dismal.  The report speaks to a decelerating economy amid increasing external vulnerabilities which could result in more taxes and retrenchment.  There is also a reduction in the growth of the Gross Domestic Product or GDP, broadening the existing account deficit.  This morning on Open Your Eyes, President Nikita Usher weighed in on the IMF report.

 

Nikita Usher, President, Belize Chamber of Commerce and Industry

“One has to be very cautious when we see the type of reports coming like that. It is looking as if though it’s doom and gloom. I would also say that in my history of law, we’ve seen worse than that and we’ve seen others come out of it. You could read three years ago the Jamaica report; they went to court on that issue as to whether or not they must be allow to freeze and not freeze and that whole issue. So that has happened. We have though in front of us a report that is pretty close to what is the feeling on the ground. There is of course the issue that is popping up. Let’s deal with the fiscal reserves; you’re seeing where that is declining. If we didn’t know why that is declining, something is wrong with all of us because we know what was paid. That is obvious; I didn’t need the IMF to come and tell us that, but coming from an independent party, we know that. It’s here. Let’s look at the issue of the recommendations that they are making; now that is where I feel—and I am not going to be the economist here and that is Mister, our Governor of the Central Bank to come and explain to you all that is happening—but I think what we ought to be discussing though is, an government has not said yet whether they are going to implement or adopt what are these recommendations coming out of the IMF report, until we see that, it is difficult for us to make comment with regards that. But even if they were to, one has to expect that it is going to be a squeeze and a very serious one. One of the biggest ones that they are asking us to do is to try and curtail our public expenditures. Public expenditures trickles down into the business community for us because then buying power becomes less. That means then our business will feel the pinch also. So it is not gonna just be those who are having—want of a better word—closing down the expenditures by government because it is then gonna trickle right down to all of us at the end of the day.”

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2 Responses for “Chamber of Commerce Weighs in on Dismal IMF Report”

  1. Mad flick says:

    Is nikita male or female? Cuz champagne just killed herself or hisself.

  2. Hatari says:

    Did anyone understand what this man said? It all boils down to a government that has no idea of fiscal responsibility and accountability. Belize is screwed financially and GOB keeps right on borrowing and pissing it away.

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