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Jun 22, 2017

P.M. Maintains It’s No to IMF Prescriptions

Dean Barrow

Prime Minister Dean Barrow has emphatically rejected the recommendation of the International Monetary Fund to increase the General Sales Tax to fifteen percent.  That proposal from the UN financial agency succeeds what is known as an Article Four Consultation during which the IMF meets annually with each member government.  An assessment of Belize’s economic health has led to several suggestions, including a removal of tax exemptions, as well as other measures that would affect pensioners and public officers.  In an interview with PM Barrow this evening, he stated that government has once again refused to administer the prescriptions of the IMF, in the best interest of Belize.  According to the prime minister, in concluding the recent Super Bond renegotiations, IMF advisors had made a previous attempt to convince government to join one of its many programs.

 

Prime Minister Dean Barrow

“You know I made the point to the IMF team in the wrap-up meeting we had that when we first re-engaged with the bondholders trying to restructure again the Super Bond.  Initially they had sought to insist that a pre-condition to our discussions ought to be Belize’s entry into an IMF program.  We absolutely rejected that and we proceeded on the basis that Belize is quite capable of writing its own prescriptions and going its own way.  The fact that we’re not in any IMF programs means that while, as a matter of courtesy and respect, we look at what the IMF has had to say.  There is absolutely no obligation on our part to follow any of it and certainly, with respect to the recommendations as to raising the GST and as to doing away with exemptions, and the recommendations having to do with pensions and public officers, we absolutely reject those as we have made clear repeatedly.  So, as I said, it’s always interesting to talk to the fund, they have a job to do, we are members and the Article Four Consultation is a prescribed, as it were, feature of membership and we will always, as I said, be respectful and treat the IMF team with extreme courtesy.  But we absolutely will not follow any of the prescriptions which, in our view, would result if followed in a fracturing of the social compact.”

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3 Responses for “P.M. Maintains It’s No to IMF Prescriptions”

  1. Jaire slalzar says:

    No sales tax increase? you raise f-ing fuel prices, you idiot.
    How stupid are the Belizean people?

  2. carlos says:

    So what is the plan? I believe that we need to push more on agriculture, agro-products and assist the farmers, produce more, provide the appropriate environment for investors, stop play with the justice system, encourage local investors in all sectors of the economy. Reduce or eliminate corruption in government. Be more efficient in government departments. I see a lot of wastage especially when I see government vehicles moving around during weekends.

  3. Erlzee says:

    Everything going up, no need to raise it up..Its done already..Gov’t think we stupid. And all those benefits which only dem and other high rank thiefs benefit from, that is why he dont want to take it off to help the economy. Fuel prices is a specific one yes,,going up every week and not down at all. Where is his promise that when it reached $7 he would not let it go more? Its now at 10.61 Super, 10.26 Regular, Diesel at 9.03…how on earth will Belizeans live wehn nothing is free here,not even education. No health plan for our elders, nothing.

    But dont ask the ministers about their fat bank account. Lower your salaries to boost the economy and for not doing your job.

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