In preparation for the IMF visit next week, Prime Minister Hon. Said Musa chaired a meeting of the National Economic Council yesterday at the Central Bank building. And central at the meeting was a presentation by CEO in the Ministry of National Development Dr. Carla Barnett on the state of Belize's burgeoning deficit and how to manage it.
And just what is the state? Well according to Barnett's presentation, for the first 5 months of the fiscal year, the overall deficit was $42.1 million or 2.1% of GDP. Now bear in mind, that's already $10 million more than the $33 million former Finance Minister Fonseca projected as the deficit for the entire year. As for the debt, well Barnett told the NEC that given the going rate of 11.5%, it would be unwise for GOB to take on any new loans. The National Economic Council has representation from Cabinet ministers, public officers, and social partners.