By: NP Staff Writer

Belize City: Saturday: 18th February 2023

How Impressive could the reduction of Belize’s Public Debt be when critics say it is at the backdrop and expense of Belizeans that are being marginalized and driven into poverty by unemployment, the continuous rising cost of living, and inflation that has spiraled out of control?

What could government do to control inflation and drive down the cost of living in Belize?

Experts say, it is not impressive if a reduction in public debt comes at the cost of increased poverty and economic hardship for the population. It is believed that the government of Belize should prioritize policies that promote inclusive economic growth and address the root causes of poverty and unemployment, rather than simply focusing on reducing the debt burden.

To control inflation and drive down the cost of living in Belize, the government could consider a range of policies such as:

Stricker Fiscal and monetary policies: The government could use fiscal and monetary policies to manage inflation, such as controlling government spending, modifying taxes, and adjusting interest rates to promote economic stability.

Promoting competition: The government could encourage competition in key sectors of the economy to increase efficiency, lower costs, and improve access to goods and services for consumers.

Investing in infrastructure: The government could invest in infrastructure projects that improve transportation, communication, and energy systems. This could lower costs for businesses and consumers and attract investment and job creation.

Addressing corruption: Corruption is a major barrier to economic growth and development, and it can drive up the cost of goods and services. The government should take steps to root out corruption in all sectors of the economy.

Social safety nets: The government could provide social safety nets, such as unemployment benefits, subsidies for basic goods and services, and healthcare, to help vulnerable populations cope with rising costs.

It is important for the government to pursue a balanced approach that addresses both the debt burden and the needs of the population. Ultimately, sustainable economic growth and development will be the key to reducing poverty and improving the standard of living in Belize.