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Belize’s Debt-to-GDP Ratio Decreases by 45 Percent

Posted: Tuesday, July 19, 2022. 4:48 pm CST.

The views expressed in this article are those of the author and not necessarily the views of Breaking Belize News:

Contributed by the Ministry of Economic Development: The Statistical Institute of Belize (SIB) has reported that Belize’s debt-to-GDP ratio currently stands at 88 percent, down from 133 percent recorded in 2020.

This 45 percent decrease is indicative of the planning, coordination and restructuring done by the Briceño administration since entering office in 2020.

A major contributor to this reduction in debt-to-GDP was the historic restructuring of the USD 553 million “superbond” for a “blue bond.” This debt-for-nature swap decreased Belize’s external debt by an estimated 12 percent of GDP, while contributing necessary investments in marine conservation.

The First Quarter GDP Estimates released by SIB revealed that by the end of 2021, Belize’s economic output had reached higher levels than what was recorded for pre-pandemic 2019. The secondary and tertiary sectors saw the most growth in this first quarter, driven largely by the following industries: Manufacturing; Construction; Electricity; Water; Hotels and Restaurants; Wholesale and Retail Trade; and Transport.

The Government of Belize is committed to building on this momentum and recognizes that this achievement is a testament to the resilience of the Belizean people and collaboration of actors at all levels.

 

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