By Zoila Palma: Prime Minister John Briceño represented Belize at the Caribbean Ministerial Meeting in Bangkok, Thailand, on the sidelines of the 2026 World Bank Group and International Monetary Fund (IMF) Annual Meetings, where regional leaders discussed economic pressures and ways to strengthen resilience.
During the meeting, Briceño highlighted that fuel prices in Belize had increased by 27.7 percent since the crisis in the Strait of Hormuz.
He noted that the country’s reliance on imported energy leaves households, businesses, and public finances vulnerable to external shocks.
The Prime Minister said the Government had introduced fuel tax reductions to ease the impact while maintaining fiscal discipline. Belize expects to record a primary surplus in 2026, while public debt declined to 66.4 percent of GDP in August.
“Our immediate challenge has been to provide relief without compromising the fiscal position needed to withstand future shocks,” Briceño said.
He also identified longer-term challenges, including an ageing population, declining fertility, informal employment, and low female labour-force participation, emphasizing the need to improve productivity, expand opportunities for young people and women, and invest in skills, healthcare, and resilient infrastructure.
The Prime Minister called for stronger regional cooperation in renewable energy, green finance, and payment systems, as well as increased support from international development partners.
He urged the IMF and World Bank to provide affordable, predictable financing and targeted technical assistance for small states, including access to emergency financing tools such as contingent credit lines, catastrophe bonds, and parametric insurance.
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