Tag:
International Monetary Fund
Government
Belize’s fiscal year 2025 begins, national budget delayed
The fiscal year for the Government of Belize typically begins on April 1, with budgets usually finalized by the following March, following parliamentary debates. However, as of April 1, 2025, the only legislative document available is the General Revenue Appropriation (2024/2025) Bill, and there has been an unprecedented delay in finalizing the budget.
Government
DFC Nominated for Accreditation to the Adaptation Fund
The Ministry of Economic Development, as the National Designated Authority (NDA), is pleased to announce the nomination of the Development Finance Corporation (DFC) for accreditation to the Adaptation Fund (AF). During the World Bank/International Monetary Fund (IMF) annual meetings in late October, a bilateral meeting was held between the Government of Belize and the AF. This nomination marks a crucial step in advancing Belize’s capacity to finance climate adaptation initiatives and support the resilience of communities facing the impacts of climate change.
Business & Economy
Belize actively seeking investments to support economic growth
During the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., this October, Belize's delegation was led by the Honorable Christopher Coye, Minister of State in the Ministry of Finance. The Belizean delegation is anticipating closing a loan with the World Bank to finance renewable energy projects. This initiative is part of a broader plan to attract new investments to Belize and take advantage of trends such as nearshoring. International financial institutions in Belize, like Caye International Bank (CIB), believe the country has the potential to become a trade finance hub due to its strategic location in Central America.
Government
Belize Delegation Attends IMF and World Bank 2024 Annual Meetings
The Hon. Christopher Coye, Minister of State in the Ministry of Finance, Economic Development and Investment, led the Belize delegation for the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) held in Washington, D.C. from October 21 to 26, 2024.
Business & Economy
Possible Hotel Tax increase in discussion
Following reports of a potential increase in the hotel tax from 9% to 12.5%, the tourism industry has expressed concerns. However, the Ministry of Tourism has clarified that this is part of a broader tax reform discussion, and no decision has yet been made.
Government
Belize is Fully Eligible for the South Korean Economic Development Cooperation Fund
Hon. Christopher Coye, Minister of State in the Ministry of Finance, Economic Development, and Investment; Dr. Osmond Martinez, CEO in the Ministry of Economic Development; and Central Bank Governor Mr. Kareem Michael held bilateral meetings on day two at the International Monetary Fund/World Bank Annual Meetings in Marrakech, Morocco, to discuss Belize's movement towards sustainable development.
Government
Belize Meets with IMF, World Bank, IDB and Bilateral Development Partners on Access to Climate Finance, Crisis Financing and Renewable Energy Transition
On October 10, 2023, Hon. Christopher Coye, Minister of State for the Ministry of Finance, Economic Development and Investment, as the head of an official delegation from Belize, participated at the Caribbean Ministerial Meeting at the International Monetary Fund (IMF)/World Bank Annual Meetings in Marrakech, Morocco.
Government
High-Level Delegation Meets with Multilateral Development Banks, U.S. Government Agencies and Canadian Government Officials
Hon. Christopher Coye, Minister of State, Ministry of Finance, Economic Development and Investment, led a high-level delegation of Belizean officials to Washington, D.C., from April 19 to 22, 2022, for a series of meetings with senior representatives from the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IDB), the Millennium Challenge Corporation (MCC) and the U.S. Development Finance Corporation (DFC). The delegation also met with senior representatives from the U.S. Treasury and the Office of Comptroller of Currency and held a bilateral meeting with Hon. Harjit S. Sajjan, Canada’s Minister of International Development.