BELMOPAN, Belize, CMC - Prime Minister and Minister of Finance Dean Barrow on Thursday confirmed that the Belizean economy is in recession, although he ruled out turning to the International Monetary Fund (IMF) for assistance. 

Barrow told a nationally broadcast press conference that the government's tax revenue has been hit hard by the global economic downturn, with receipts falling by 9.4 per cent from April to September. 

The Prime Minister said receipts for the period totalled BZ$295.3 million (US$150 million), down BZ$30.5 million (US$14.4 million) compared to the same period last year. 

He said if the trend continues the Belize will record a negative Gross Domestic Product (GDP) growth this year.
When asked about the way forward, Barrow called on all Belizeans to “batten down the hatches and let’s ride this one out”. He said he expects the situation to turn around in 2010 as the United States economy recovers.
However, the Prime Minister was adamant that one option that is definitely not on the table is turning to IMF.
“Absolutely not,” he said when the question was posed to him.  

“We have gotten all the help we need from them,” he said in reference to accessing funds made available by the IMF to other international financial institutions that Belize has tapped into to support social projects.

CMC/09