And the Leader of the Opposition also touched on the report based on IMF's 2025 consultation with Belize, which took place on July 11. They noted a "remarkable recovery" post-pandemic, with public debt falling to 61.1% of GDP in 2024. However, they say that growth is expected to slow to 1.5% in 2025. Panton explained more.
Tracy Panton, Leader of the Opposition
"One is the slowing of our GDP growth. Many of us will remember when the prime minister stood up in the National Assembly at the reading of the budget and pumped his chest that GDP growth was 8.2% in the last fiscal period. Please note that in this most recent review, the IMF has cautioned that this 8.2% GDP growth will decelerate to a projected 1.5%, coupled with stagnated productive sector and losses in agriculture, a slowing in our tourism arrivals, we are in for major trouble."
"The lack of revenue reform. There has been little or no movement on broadening our tax revenue base, improving tax compliance or equitably cost cutting measures. When it comes to cost cutting measures, the people understands what the mean but this government continues to operate as though the piggybank is not at all close to empty. Social spending and crime. The IMF report encourages increase social spending. As it is now, Belizean families are facing declining access to things like quality healthcare, public education and rising crime and they continue to struggle with funding, just simply equity. The call to direct more resources into social infrastructure programs, social safety net programs, remains unanswered."
