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Belize has had to grapple with high debt levels within the context of a rapidly changing climate, shifting consumption and production patterns, and natural catastrophes. In 2021, Belize took a major step towards greater fiscal capacity by becoming the first country in the Americas to finalize a debt conversion for large-scale ocean conservation in partnership with The Nature Conservancy (TNC). The agreement allows for the restructuring of approximately US$550 million of external debt which reduces the national debt by 12%. Debt sustainability is a top priority for the government and depends on additional fiscal consolidation and growth-enhancing structural reforms.
Public external an domestic debt (share of calendar year GDP) [1]
- Source: 2022. Belize 2022 Article IV Consultation - Report. IMF. Available at: https://www.imf.org
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