Belize - Fiscal policies for stabilization and growth : public expenditure review
Broadman, Harry G.
The fiscal management of Belize has deteriorated since 1991, undermining macroeconomic stability. In 1994, the government tried to respond with the Medium Term Economic Strategy (MTES). Belize's situation results from, among other factors,: excessive government expenditures, ambitious capital spending, and an inefficient and unequal tax system. Public sector reform and improved public sector investment planning can support fiscal consolidation. In November 1995, the government reconfirmed its commitment to a fiscal and structural adjustment programs. Some measures have already been taken, including: the implementation of a value added tax, introduction of revenue enhancing measures, and reduction of arrears on taxes. This report analyzes the roots of the weakening of expenditure control and reviews the main expenditure categories where savings and reallocation are needed to both reduce the deficit and improve efficiency of service delivery. It also examines priority sectors - education, health, and infrastructure, where needs are great and more must be done with less.
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