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Jun 15, 2016

Minister Tracy Panton Weighs-in on the IMF Report

Tracy Panton

Weeks ago the International Monetary Fund, IMF, issued its Article Four Consultation Report. The long and short is that the report speaks of a decelerating economy in Belize amid increasing external vulnerabilities which could result in more taxes and retrenchment. Those are words that would make anyone cringe and to top it off, there has been a reduction in the growth of the Gross Domestic Product or GDP, broadening the existing account deficit. At an event today, we asked the Minister of State for Trade and Commerce, Tracy Panton for her view on the grim report.

 

 

Tracy Panton, Minister of State, Trade and Commerce

“Well yes there are concerns and I don’t know that the IMF, at least in my history, has ever given a good report on Belize or any of the countries that they have done their assessments on. There are serious issues that we have to face. Certainly looking at the debt servicing in terms of our super bond payments; we are now moving from a situation where we are going to only be paying interest payments to making principal payments. That issue has not gone away for us. The whole issue of obviously the corresponding bank situation, which is still a very delicate situation in this country and really it is very important for us to solve as part of a regional dialogue; because it is not only Belize, but certainly other members of the region as well facing the same challenges. For us, trying to broker the relationship, to bring more foreign direct investment in Belize is critical so that we can have the foreign hard currency, if you will, to stimulate more business and also to be able to generate the kind of resources we need to deal with some of the commitments and some of the relationships in terms of moving Belize forward. We have a part to play; certainly, there are other financial institutions that have a part to play. But I think if we all do our part we will be able to turn it around, hopefully turn it around quickly and be able to imbue the kind of confidence we need to imbue in our partners such as the IMF.”

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1 Response for “Minister Tracy Panton Weighs-in on the IMF Report”

  1. Jason says:

    They can’t even help the present investors right now. Central Bank bullshit doesn’t make anyone want to come to Belize without lots of questions and still get no as an answer.

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