Wednesday, December 2nd, 2015. Aaron Humes Reporting: Citing higher Government spending on wages and compensation owed to Fortis and the Ashcroft Alliance over the nationalizations of BTL and BEL, credit rating agency Standard and Poor’s has reduced Belize’s long term ratings outlook to stable as of November 25, while affirming the B-/B rating on the foreign and local currency sovereign credit.
Belize’s weaker fiscal and external positions increase its vulnerability to external shocks, and the target of 5.1% of GDP for debts for the March 2016 fiscal year will be exceeded; projections of Government deficit will reach 11.2% of GDP compared to 39% in the 2014-15 fiscal year.
Prime Minister Dean Barrow has said that tighter Government spending will ensure that the largesse of programs such as Christmas Cheer will be more streamlined.
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