By Zoila Palma: Prime Minister John Briceño has warned that Belize’s dependence on imported energy leaves households, businesses and public finances vulnerable to external economic shocks, Caribbean Today reports.
Speaking at the Caribbean Ministerial Meeting held alongside the 2026 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), Briceño highlighted the impact of rising energy costs, noting that fuel prices had increased by 27.7 percent since the crisis in the Strait of Hormuz. The meeting provided an opportunity for Caribbean leaders to discuss economic pressures and strategies to strengthen regional resilience.
Briceño said the government had introduced fuel tax reductions to cushion the impact of rising costs while maintaining fiscal discipline.
Despite the economic pressures, Belize expects to maintain a primary surplus in 2026, while public debt continued its downward trend, reaching 66.4 percent of gross domestic product (GDP) in August. “Our immediate challenge has been to provide relief without compromising the fiscal position needed to withstand future shocks,” Briceño said.
The Prime Minister also highlighted longer-term challenges to Belize’s economic growth, including an ageing population, declining fertility, informal employment and low female labour-force participation.
He stressed the need to improve productivity, expand opportunities for young people and women, strengthen domestic revenue and invest in skills training, healthcare and resilient infrastructure. He further called for greater regional cooperation to reduce costs and expand opportunities for small states, particularly in renewable energy, green finance, payment systems and technical capacity.
Briceño urged the IMF, World Bank and other development partners to provide targeted technical assistance and affordable, predictable financing that addresses the specific vulnerabilities of small states.
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