Prime Minister John Briceño presented the national budget under the banner “From Promise to Performance”. He drew a contrast between the fiscal crisis inherited in 2020 and the economic achievements realised by his government.
According to the Prime Minister, Belize’s GDP grew by 8.2% in 2024, and unemployment fell to 2.1%. He said that the national debt-to-GDP ratio halved from 132% to 61%. The government achieved a primary surplus of 1.48% and capped the deficit at 0.26% of GDP in FY 2024/25.
The government closed FY 2024/2025 with a primary surplus of 1.48% of GDP and a narrow overall deficit of 0.26%. The 2025/26 Budget targets $1.74B in revenue and $1.78B in spending, including a record $528.8M in capital projects. Investments are heavily focused on healthcare, education, infrastructure, and renewable energy. Projects include full national roll-out of the NHI, expanded road upgrades, and clean energy plants.
PM Briceño touched on the nationwide NHI rollout, over $300M in clean energy investments, and a 6-fold increase in profits from the public management of the Boledo Lottery. Road upgrades, school modernization, and health infrastructure dominated the $528.8M capital program.
The new budget includes tax reforms, such as the creation of a Semi-Autonomous Revenue Authority (SARA) and electronic invoicing to curb evasion. He said, over 5,000 workers received tax relief, adding $5M in disposable income (Page 25).
Briceno warned of rising U.S. tariffs and the uncertain status of a $125M MCC Compact but emphasized contingency planning via the World Bank CAT-DDO line. The government is also navigating public sector wage negotiations while spending $698M on salaries and pensions—56% of recurrent expenses.
Still, he shared that Belize’s inflation rate fell to 1.7% in Q1 2025, well below global averages, and the country ranked 25th in the 2024 World Happiness Report, fifth in the Western Hemisphere.