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IDB approves loan to support Belize’s COVID-19 immediate health response

IDB Hold’s Virtual AGM

The IDB’s virtual AGM was held this past weekend in which Belize was a participant.  According to a release from the Government, The expected outcome of these meetings is to build a case for an increase in the resources of the Bank to meet increased demand and to adopt a resolution instructing IDB’s Management and Board to conduct rigorous analysis on the capacity of the Bank to support countries in the medium- and long-term. 

The IDB’s virtual AGM was held this past weekend in which Belize was a participant.  According to a release from the Government, The expected outcome of these meetings is to build a case for an increase in the resources of the Bank to meet increased demand and to adopt a resolution instructing IDB’s Management and Board to conduct rigorous analysis on the capacity of the Bank to support countries in the medium- and long-term.  The governors for Belize, Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua discussed the key issues and agreed on a unified position that the Central American constituency would advance during the formal sessions of the Annual Meeting of the Board of Governors. These main issues were detailed in the Constituency intervention. The statement included four requests to the IDB Management: implement financial instruments that provide liquidity to restore fiscal space; provide resources for the reconstruction and development of countries affected by natural disasters; study the viability to pay patent and manufacturing of vaccines in Central America; to develop an IDB concessional resource strategy for the provision of financial and technical support for the resilient recovery of productive systems in the Central American countries.  The Prime Minister made his intervention on behalf of Belize during the session of the Strategic Vision of the IDB Group 2021-2025. He underscored the imperative for the IDB Group to support our countries to implement a transformative agenda while having full regard to the core principles of access, equality, gender equity, integration, and most importantly, inclusion. In his statement, he also emphasized that the Strategic Vision 2021-2025 must include a comprehensive strategy on concessional resources to help countries develop a comprehensive climate change and natural disaster reduction strategy to foster resilience.  The Prime Minister further underscored that the IDB is a strategic principal partner for the region. At the same time, he highlighted the principle of shared but differentiated responsibility between borrowing and non-borrowing countries, a principle that necessitates the pursuit of inclusion and special consideration of the poorest and most vulnerable countries like Belize.   Representing Belize was Prime Minister John Briceno, Belize’s Governor of the Central Bank, along with Hon. Christopher Coye, Minister of State in Ministry of Finance, Economic Development and Investment and Alternate Governor; Mrs. Narda Garcia, Chief Executive Officer in the Office of the Prime Minister; and Mrs. Elvira Mendez, Counselor in the Office of the Executive Director of the IDB.  In other related news, the Inter-American Development Bank (IDB) has committed to support Belize’s health sector by ensuring timely COVID-19 vaccine accessibility.  As part of its support the IDB has approved the first hybrid sovereign guarantee operation, with an investment loan and a guarantee for Belize in the amount of two point one million US dollars.  This amount will reportedly guarantee the issuance of a sovereign guarantee to cover the purchase of the committed doses of COVID-19 accines, channelled through ‘Gavi’ Alliance’s COVAX Facility.