Posted: Wednesday, November 18, 2020. 10:09 pm CST.
By Aaron Humes: New Minister of Finance John Briceño has endorsed the view of “technocrats” from his Ministry of Finance and the Central Bank of Belize that the former administration “has been functioning with unsustainable fiscal and debt positions.”
Coupled with a loss of revenue “far worse than anticipated,” the domestic borrowing of $30 million per month to meet expenses has lifted debt-to-GDP ratio from 97.7 percent to 132.9 percent, more than double the internationally accepted debt-to-GDP threshold and second highest in the Caribbean, and not enough to pay our bills.
“This is unsustainable,” said Briceño, as he committed to try to turn things around.
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