Speaking of the IDB, the bank is providing an eight-million-dollar loan to Belize to modernize its financial management and improve its fiscal sustainability. A release from the IDB says that the loan is part of Belize’s strategy to boost public spending efficiency by investing on digitalization and increasing transparency. This will be done in two strategic areas. Improved methodologies, processes and information technologies will be adopted with the goal to better manage the country’s debt. Focus will also be given to enhance both internal and external oversight on government spending. The creation of a transparency portal for citizens is also part of the plan. Through this loan, the country is also upgrading its procurement system to enable the use of reference price, supplier registry, and business intelligence to reduce costs of acquiring goods and services. The IDB loan has a maturity period of 25 years, and a grace period of 5.5 years.