Blz: IMF report card

The International Monetary Fund today released the public information notice, a bulletin that goes along with the report on the country's Article Four consultation.... According to the I.M.F., Belize needs to re-establish a viable economic and financial position in order to relieve pressure on the exchange rate peg.

The report notes that Belize's net international reserves fell by a third last year, while public and publicly guaranteed debt has reached ninety-two percent of G.D.P., largely the result of external debts on commercial terms. This, the directors agreed, is putting tremendous pressure on the exchange rate peg.

The report also suggests that Belize's ability to overcome economic hiccups it has no control over, has reached critical proportions and the government needs to shore up foreign reserves if it is to prevent a balance of payments crisis.

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