Belize Seeks Climate Resilience Funding Amid Rising Borrowing Costs

While the country needs significant sums of money to become more climate resilient, borrowing it has become more expensive. Belize has obtained greater access to funds from international lending institutions due to the drastic decrease in its debt-to-GPD ratio. Minister of State in the Ministry of Finance Christopher Coye explained that accessing concessionary grants is now greater given that international lending institutions have increased interest rates.

The increase in rates, according to Coye, was caused by a shift in the US Economy. He explained how the fight against global inflation has resulted in high-interest rates at the banks.

Coye had recently returned from Moracco where he attended the Caribbean Ministerial Meeting with the International Monetary Fund (IMF) and World Bank.