In a bid to upgrade the country's financial management, the Government of Belize has joined forces with the Inter-American Development Bank (IDB) to launch a comprehensive fiscal reform plan. With support from the IDB, the government aims to enhance budgetary sustainability by addressing inefficiencies in public spending.
The initiative, outlined in the Inter-American Development Bank Loan Proposal 2021, seeks to modernize Belize's Public Financial Management through technical and financial assistance. The project's goal is to improve the efficiency of public resources by strengthening financial management, procurement processes, and technical infrastructure.
One key aspect of the plan involves enhancing the skills of public officers responsible for financial management. Recognizing a gap in targeted training programs, the government, in collaboration with the Ministry of Public Service and Constitutional Reform and Religious Affairs, has enlisted the University of Belize to develop and implement a specialized training program.
This program, part of the Strengthening Public Expenditure Management project BL-L1038, aims to fill critical gaps in Public Financial Management knowledge among government employees. By equipping staff with practical skills and theoretical understanding, the government anticipates more effective management of public funds and improved service delivery.
Through this strategic partnership with the University of Belize, the government not only enhances the skills of its public officers but also contributes to the university's capacity in financial management. This collaboration is expected to result in a sustainable modernization of Belize's financial systems, ensuring that employees are competent and confident in their roles.
The total budget for the initiative stands at US$1,170,506 or BZ$2,341,012, with key partners including the Ministry of Finance, Economic Development and Investment, the Ministry of the Public Service, Constitutional and Political Reform and Religious Affairs, and the University of Belize.