7 News Belize

PM Couldn't Be Bothered About IMF
posted (November 3, 2011)
On Monday the IMF issued the result of its article four consultation with Belize. It was generally favourable, noting that Belize has weathered the global financial crisis relatively well and that twelve-month inflation was nil in 2010. It also noted that government revenue is up while the outlook for 2011 remains moderately positive.

That's pretty good in lean times, but at his press conference yesterday, the PM said the IMF can say what it wants, he doesn't care either way:

Prime Minister Dean Barrow
"I know that the media has been having a look at the public information notice sent out by the IMF as a consequence of the article 4 consultation, well that's what it is. Basically, I am here to tell you that what the IMF says doesn't much matter to me. We have a job to do and their insistence on fiscal consolidation at a time of recession when government needs to spend more to drive the economy, because the private sector is in the dulldrums. I don't really want to hear about fiscal consolidations."

"But to the extent that they have had to acknowledge that again our revenue expenditure program, certainly on the revenue side, we've been doing extremely well as a consequence of a number of factors. That is good to see."

And while Belize can laugh away the IMF, in Jamaica, their Satndard and Poorr's rating was downgraded recently largely due to the non-completion of reforms related to its medium-term targets under the IMF standby agreement.


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7 News Belize