On Wednesday, the University of Belize History Program, the Institute for Social and Cultural Research (ISCR), and the Belize Archives and Records Service (BARS) conducted a workshop titled “Decoding the Past: Reading Archival Records on Enslavement and Emancipation in Belize.”
This initiative is part of a broader effort to advance historical research and publications in Belize.
The event was designed for students and Belizean Studies teachers to explore and discuss archival documents related to enslavement and emancipation in Belize. Participants had the chance to develop their palaeographic skills by examining documents in various handwriting styles and conditions.
The workshop aimed to help historians and educators improve their ability to study and preserve historical documents, potentially providing new insights into Belize’s past.
UNICEF reported today a surge in Mpox cases among children in Eastern and Southern Africa, with over 200 confirmed cases across Burundi, Rwanda, Uganda, Kenya, and South Africa. The new variant of the virus, (clade Ib), is present in all affected countries except South Africa, raising concerns about its spread, especially among young children and vulnerable communities. As of August 20, 2024, a total of 170 confirmed Mpox cases have been reported across 26 of the country’s 49 districts. Of these cases, 45.3% are female. Children and adolescents under the age of 20 make up nearly 60% of the reported cases, with children under 5 accounting for 21% of the total.
The situation is worsened by ongoing measles outbreaks and high malnutrition rates.
UNICEF’s Regional Director for Eastern and Southern Africa, Etleva Kadilli, stated, “In the fight against the Mpox outbreak, prioritizing the needs of children is not just necessary—it’s urgent. Their heightened vulnerability requires that we dedicate our full attention and resources to ensure their protection and well-being in this critical response phase.”
Amidst other regional crises like drought and floods, UNICEF is working with WHO and Africa CDC to manage the outbreak. The agency is seeking $16.5 million to boost its response and preparedness efforts.
Belize’s economy is projected to grow moderately from 2024 to 2027, driven primarily by the tourism and business process outsourcing (BPO) sectors. However, the country remains vulnerable to external shocks, with a fragile external profile.
S&P Global Ratings has reaffirmed its ‘B-/B’ sovereign credit ratings for Belize, maintaining a stable outlook. This reflects expectations for continued economic growth, weak external liquidity, and risks associated with the country’s high debt levels.
Rating Action
S&P Global Ratings has reaffirmed Belize’s ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings, with a stable outlook. The transfer and convertibility (T&C) assessment remains ‘B-‘.
Outlook
The stable outlook is based on Belize’s manageable debt service schedule over the next 12-18 months, underpinned by favorable debt conditions. Expectations of ongoing economic growth, coupled with government fiscal efforts, are likely to result in relatively low fiscal deficits and a stable debt trajectory.
Downside Scenario
The ratings could be downgraded in the next 12-18 months if Belize’s fiscal performance deteriorates, leading to rapid debt accumulation and further depletion of already low usable reserves.
Upside Scenario
Conversely, the ratings could be upgraded within the next 12-18 months if Belize achieves faster economic growth, supported by sound policy implementation, which would improve the country’s vulnerable fiscal and external profiles.
Rationale
Belize has shown a stronger-than-expected recovery from the pandemic-induced recession, but the economy is now slowing. GDP growth is expected to average 2.6% from 2024 to 2027, driven by tourism and the BPO sector. While this growth and fiscal measures should stabilize the country’s debt trajectory, Belize’s weak payment culture and history of defaults limit its access to external funding.
Belize’s economic, fiscal, and external profiles remain susceptible to natural disasters and global economic downturns. Despite a stable exchange rate peg to the U.S. dollar, the country’s monetary flexibility is constrained by low usable reserves and reliance on the monetary authority to finance government deficits.
Institutional and Economic Profile
Belize’s economy is expected to grow at an average rate of 2.6% from 2024 to 2027, led by the tourism and BPO sectors. However, growth is constrained by structural weaknesses, including high vulnerability to natural disasters, high costs of labor and energy, and deficiencies in infrastructure.
Despite improvements in data quality and transparency, Belize’s institutions remain weak, with successive governments failing to establish a sustainable public finance framework. Over the past two decades, Belize has experienced five sovereign debt defaults, limiting access to external commercial funding.
Flexibility and Performance Profile
Belize’s fiscal consolidation efforts aim to reduce the debt-to-GDP ratio and strengthen the external position. The government’s fiscal measures over the past two years have focused on controlling current expenditures. We expect fiscal deficits to remain moderately low, around 2.3% of GDP from 2024 to 2027, while the debt burden is expected to stabilize at 67.5% of GDP by 2027.
However, Belize’s external vulnerabilities remain significant due to low usable reserves and limited access to financing sources. The fixed exchange rate provides macroeconomic stability but limits monetary flexibility. While recent momentum in the tourism and BPO sectors is expected to help reduce the current account deficit, Belize’s external financing needs remain high, and usable reserves are critically low.
The Central Bank of Belize’s commitment to maintaining the currency peg is crucial for price stability, with inflation projected to average 2.3% from 2024 to 2027. Despite this, the country’s monetary policy space remains highly constrained.
The Baku Initiative Group (BIG) and the Bonaire Movement for Human Rights and Change are hosting an international conference today in Baku, focussing on Bonaire’s situation under Dutch colonial rule.
The conference, titled “The Path of Bonaire’s Self-Determination through the UN General Assembly in Baku,” will bring together representatives from Bonaire who advocate for freedom and fight against colonialism. Attendees will include officials from Belize, St. Vincent and the Grenadines, Suriname, St. Lucia, the United Kingdom, Mexico, the Netherlands, the UN, and other international and regional organisations, along with human rights activists, NGO leaders, and decolonisation experts.
Notable participants include the Special Representative of St. Vincent and the Grenadines, the Permanent Representative of Belize to the UN, the UNICEF Youth Envoy, the Caribbean Community Youth Ambassador, and the Chair of the UN Permanent Forum on People of African Descent.
The conference will highlight the Bonairean people’s ongoing struggle to break free from Dutch colonial rule and efforts to bring their cause to the attention of relevant international bodies.
This event is particularly significant for the Bonairean people as several nations prepare to submit a draft resolution to the UN General Assembly in the coming weeks, aiming to re-list the island as a territory in need of decolonization. One of the conference’s main goals is to rally international support for this resolution.
Azerbaijan’s role in hosting such a pivotal event underscores its growing prominence as a global leader in the fight against colonisation.
