The IMF today released its report on the conclusion of its Article IV consultation with Belize, and the news, to no one's surprise, is not good. The IMF warns, quote, "The economy continues to face multiple challenges. The macroeconomic outlook remains weak. Public debt remains elevated, at around 100 percent of GDP..."
They add also that, quote, "the medium term outlook is relatively weak with high debt, and large external imbalances."
And what's the fix? Well, it's the IMF one size fits all solution of taxation and retrenchment. The report advises a broadening of the base of the General Sales Tax - meaning fewer deductions, and, quote "reform of the civil service to help stabilize employee headcount and to contain the wage bill." From that you can read "retrenchment". The Barrow Administration has generally ignored the IMF's prescriptions.
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