Summary: Growth is expected to average less than 2 percent in the medium-term. The envisaged fiscal adjustment would remain insufficient to significantly reduce the very high public debt. Large external imbalances, driven by large current account deficits, repayment of the super bond and remaining payments for the nationalized telecommunication company (BTL), would reduce international reserves to uncomfortable levels. The further withdrawal by global banks of correspondent relationships with Belizean banks and low capital buffers in some banks are key threats to financial stability. Insufficient fiscal adjustment and weaknesses in the banking system are significant risks.

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