|Belize’s Foreign Reserves in best shape ever|
|Written by Administrator|
|Thursday, 13 August 2009 12:31|
Belize’s Foreign Reserves are in the best shape it has ever been in over ten years. Currently the reserves stand at USD 191.0 million representing just over three months of import coverage, a point at which it has not been for quite a number of years now. While the past administration reported that the reserves were at similar levels of import coverage under their management, investigations indicate that most of the time their ‘ralphonimics’ accounting practices were questionable.
By law the country must maintain a 40 percent Approved External Asset Ratio; with the present build up in reserves, this ratio now stands at some 71percent, the highest since the PUP engineered economic decline started in early 2003.
While the entire world is facing a recession the United Democratic Party government is proving that even under the most challenging of times it is up to the task of prudently managing the finances of the country.