Fuel Prices Up 27.7% Since Hormuz Crisis, Briceño Says
Prime Minister John Briceño says fuel prices in Belize have risen 27.7 per cent since the crisis in the Strait of Hormuz and that the country’s reliance on imported energy leaves households, businesses and public finances exposed to outside shocks.
Briceño spoke at the Caribbean Ministerial Meeting, held on the margins of the 2026 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) in Bangkok, according to a release from the Government of Belize dated October 15.
He said the government has tried to cushion the impact through fuel tax reductions while keeping fiscal discipline. Belize expects to maintain a primary surplus in 2026, and public debt fell to 66.4 per cent of GDP in August, he said.
“Our immediate challenge has been to provide relief without compromising the fiscal position needed to withstand future shocks.”
Briceño also pointed to longer-term pressures on growth: an ageing population, declining fertility, informal employment and low female labour-force participation. He said Belize needs to raise productivity, expand opportunities for young people and women, strengthen domestic revenue, and invest in skills, health and resilient infrastructure.
He said regional cooperation can cut costs and widen opportunities for small states, particularly in renewable energy, green finance, payments and technical capacity.
The Prime Minister urged the IMF, the World Bank and other partners to provide technical assistance and financing that fit the needs of small states.
“We ask the Fund, the World Bank and our other development partners to support these efforts through relevant, targeted technical assistance, coupled with financing that is affordable, predictable and responsive to the particular needs and vulnerabilities of small states.”
He also called for wider access to financing that can provide timely support when countries face economic or disaster-related shocks, including contingent credit lines, catastrophe bonds and parametric insurance.