IMF Concludes First Biannual Visit to Belize

Dr. Osmond Martinez

The International Monetary Fund has completed its first biannual visit to assess Belize’s economy, as we have been reporting. According to the information from the meetings with various ministers, government officials, and unions, the country has reduced its debt-to-G.D.P. ratio by more than half, from one hundred and thirty-three percent to sixty-three percent. According to government officials, the I.M.F. was impressed by Belize’s economic recovery and performance. But what about the concerns over the wage bill for the public sector? Today, News Five spoke with the C.E.O. of the Ministry of Economic Development, Doctor Osmond Martinez, who was among those who met with the I.M.F. reps.

Dr. Osmond Martinez, C.E.O., Ministry of Economic Development

“With the unprecedented macroeconomic indicators, we have seen very positive response from IMF.”

Duane Moody

“What are they saying in terms of Belize’s economic recovery?”

Dr. Osmond Martinez

“They are impressed because Belize’s home grown economic plan is performing well. Their most impressive point is that our debt to GDP went from a hundred and thirty-three percent in 2020 to sixty-three percent which is over sixty points, which up to now for many economists and people who want to argue is how have we managed to bring down debt to GDO.”

Duane Moody

“Where are we in terms of dealing with issues that continue to burden the economy in terms of the wage bill? I know that is something that the IMF has always said that we need to reduce the wage bill. How do we address that? Did that come up?”

Dr. Osmond Martinez

“I don’t have much information on that. I know that the unions and three ministers have sat down so I would prefer to divert that question until a later time until we have the empirical evidence to speak on it.”