Belize: A Small Country With Its Hands on the Region’s Financial Steering Wheel

Belize now chairs the body that decides how Central America prepares itself against hurricanes, earthquakes and floods. This makes it the first time the country has held the presidency of the Council of Ministers of Finance or Treasury of Central America, Panama and the Dominican Republic (COSEFIN) since the body was formed.

Belize assumed the role during the council’s 58th ordinary meeting in Guatemala City. The presidency passed from the Dominican Republic’s Ministry of Finance and Economy to Belize’s Ministry of Economic Transformation.

The council brings together finance ministers and senior officials to coordinate regional policies on public finance, tax administration, disaster risk financing and economic resilience. It also helped establish the Caribbean Catastrophe Risk Insurance Facility, an insurance mechanism that provides governments with rapid payouts after major hurricanes and other disasters, often before international aid or loans arrive.

The role carries growing importance as climate disasters become more costly. Since 1980, nine countries in the region have suffered losses exceeding half of their annual GDP from a single disaster, while infrastructure damage across Central America averages an estimated US$4 billion each year.

Minister of Economic Transformation Dr Osmond Martinez described the appointment as a milestone for Belize, stating, “Belize understands that leadership is not measured by the size of an economy but by the ability to listen, build consensus, and unite efforts around a shared purpose.”

For the next six months, Belize will lead regional discussions on fiscal resilience, public financial management, tax administration and disaster preparedness. This will place one of the region’s smallest economies at the centre of decisions.