7 News Belize

Inside CDB Meeting In Barbados
posted (February 18, 2015)
The Caribbean Development Bank held a press conference today in Barbados to review the economic performance of all 19 of its member countries for the year 2014. 7News was at the event in Barbados and Jules Vasquez found that Belize was at the top of the list:…

Jules Vasquez Reporting….

This morning at the Hilton Barbados Resort in St. Michael, Barbados, president of the Caribbean Development Bank Dr. Warren Smith told media from throughout the region that the 19 member countries are rebounding:

Dr. William Warren Smith - President, Caribbean Development Bank

"Economic recovery, although still at a modest pace, continued in for the fourth consecutive year in our
Caribbean."

Dr. Justin Ram, Director of Economics, Caribbean Development Bank

"What I would say, is that the overall level of growth is still not at a level that is sufficient to lift many more people out of poverty and to have an increased level of prosperity."

Belize is in the top tier of growth in the region – fourth best among member countries with a projected growth of 3.4% for the 2014 calendar year:

Dr. William Warren Smith

"Belize is one of the fastest growing economies in our membership. You have a strong economy, you have a very diversified economy - and we like the things we are seeing happening in the Belizean economy."

Dr. Justin Ram

"Yes, Belize has been performing admirably."

But there are concerns about growing debt – thought Belize's debt to GDP ratio is not in the red zone – it is inching up.

Dr. Justin Ram

"Now, what we would certainly want to encourage the government is to ensure that it has its physical accounts in order. That the level of debt is maintained at a manageable level. To ensure that over time, debt does not get to a level where it can be a drag no economic activity."

Or a drag on human development. Poverty alleviation remains at the top of the CDB's list of priorities and Belize merits special consideration in this regard as well:

Dr. William Warren Smith

"Our goal is still to reduce this part of our world."

Jules Vasquez

"Belize though, is a country which continues to be exceptionally poor - the last poverty assessment survey found 43% of Belizeans living in poverty."

Dr. William Warren Smith

"Well, yes. The social indicators in Belize don't look as some of our other baring members."

And that inglorious distinction puts Belize among the top four member countries receiving CDB funding:

Dr. William Warren Smith

"That's one of the reasons why we feel we need to work closely with Belize - because we are pleased with what you are doing but we realise that your challenges are perhaps even greater than some of those in other parts of our membership."

We'll have more form the press conference tomorrow as we ask the CDB Executives whether the Petro Caribe debt and spending is a good thing…

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