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International Monetary Fund. Western Hemisphere Dept.
This paper discusses three important sectors of Belize economy: financial, sugar market, and energy. Belize’s banking system has continued to strengthen since the 2014 Article IV Consultation in June 2014. Despite recent improvements, some banks’ balance sheets are still weak and exposed to adverse macroeconomic developments. The sugar sector makes a very important contribution to Belize’s economy. The sector is estimated to account for about 4-5 percent of GDP, 9-10 percent of total exports, 8 percent of employment, and 5-6 percent of foreign exchange earnings. But the reform of EU sugar regime, scheduled to take full effect in 2017, will most likely cause a significant drop in the EU sugar price.
International Monetary Fund. Western Hemisphere Dept.

gasoline and diesel are also imported from neighbouring countries. Figure. 1. Belize: Energy Matrix and Consumption Source: Belize National Energy Policy Framework, 2011. 12. Belize’s use of energy per unit of output has remained relatively stable at about 4,000 BTUs per unit of GDP, well below the Caribbean average . Belize’s energy efficiency also compares well with other Caribbean and Central American countries. However, it remains higher than in countries such as Guatemala and Barbados, suggesting room for improvement and a cost effective option to meet

International Monetary Fund

assistance on the draft National Energy Policy Framework and National Rural Electrification Master Plan, and on options for new rural initiatives or existing concession contracts. Telecoms . The Bank is supporting the Government’s initiatives to reform the telecoms sector and improve the coverage and quality of services in the country through providing assistance in the preparation of a sector reform road map. It will include detailed goals to improve the telecoms market (structure and its evolution) and a subsequent implementation plan. Investment . The Foreign

International Monetary Fund

review of the utilities sector during FY04, the Bank has assisted in the government’s National Energy Policy Framework and National Rural Electrification Master Plan. A key focus over the next few years will be Bank support for government’s initiatives to reform the telecommunications sector and improve the coverage and quality of services. The entry of new private mobile telephone operators in Vanuatu holds significant potential. The Bank anticipates scaling up efforts throughout the Pacific region, including Vanuatu, to strengthen regulatory capacity to both

Serge Dupont

interests dictate that the three countries of North America consult and collaborate closely on energy policy frameworks. Relative to Europe and Asia, which are and will remain large energy importers, North America is in a position of strong advantage. Relative to the Middle East, Russia, and other major energy exporters, North America is uniquely positioned to develop its energy sector within a diversified, open, stable, and resilient market-driven economy. North America can leverage these advantages to its benefit, and also exert leadership and make a contribution

International Monetary Fund
This 2006 Article IV Consultation highlights that following two years of contraction, output growth in Vanuatu recovered beginning in 2003, spurred by stronger performance in construction and a pickup in tourist arrivals. Growth reached 7 percent in 2005 and an estimated 5½ percent in 2006, well above the average for Pacific island countries. The overall external balance has benefited from rising foreign direct investment, aid, and private capital inflows, with reserves increasing to more than 7 months of imports. If good macroeconomic policies continue and political stability is maintained, near-term prospects are positive.
International Monetary Fund. European Dept.

percent and percentage points, respectively. 25. A reduction in uncertainty about energy costs would also stimulate private investment, help external rebalancing, and generate positive spillovers . Surveys indicate that uncertainty about energy costs and the overall energy policy framework is discouraging investment. In addition, while investment needed to upgrade the energy production, storage, and transmission infrastructure is estimated at 1-1½ percent of GDP per year until 2020, several factors have slowed the pace of transmission infrastructure expansion and

International Monetary Fund
The staff report for Vanuatu’s 2009 Article IV Consultation discusses economic developments and policies. Vanuatu is well placed to take countercyclical measures should growth slow more than expected. Although close monitoring of banks is necessary given the rapid growth in the private sector credit last year, the wide differential in policy rates between Vanuatu and its major trading partners suggest that there is some scope for monetary easing if things deteriorate more than expected.
International Monetary Fund. European Dept.

2012. To meet the EU 2020 target of producing 10 percent of energy through alternative sources, the government has engaged in large wind farm energy projects, but progress has been slow. The uptake of projects such as the installation of photovalvic power and solar water heaters has exceeded the government targets, but the contribution of these initiatives is small. In response to these challenges, the government will launch a comprehensive renewable energy policy framework by the end of summer 2013. The policy framework will include measures to promote the

International Monetary Fund. European Dept.
KEY ISSUES Context: ? Germany fundamentals are sound: balance sheets are generally healthy, unemployment is at a historic low, and the fiscal position is strong. ? While a recovery is underway, medium-term growth prospects are subdued and the current account surplus remains high. The economy also faces a still weak international environment, lingering uncertainty (including about future energy costs), and fast approaching adverse demographic changes. ? Germany could do more to increase its growth, thus strengthening its role as an engine of euro area recovery. Policy recommendations: ? Germany has the fiscal space to finance an increase in needed public investment, particularly in the transport infrastructure. Unlike public consumption, this would durably raise German output and have measurable growth spillovers on the rest of the euro area. ? Further reforms in services sector regulation would boost competition and productivity. ? Greater clarity about the future energy sector regulatory framework would encourage private investment in the energy infrastructure and beyond and strengthen the outlook. ? Decisions on the future level of the minimum wage should take into account the employment effects in certain regions. ? Banks should keep strengthening their capital position ahead of the completion of the ECB’s Comprehensive Assessment. ? The macroprudential framework needs to be ready as monetary conditions are set to remain accommodative for a prolonged period.