BELMOPAN, BELIZE – Prime Minister John Briceño presented a transformative $1.902 billion national budget for fiscal year 2026/2027 to the House of Representatives on March 10, 2026, under the ambitious theme “Budgeting for Belizean Prosperity.” This comprehensive financial plan allocates a record-breaking $606.8 million to capital investment projects, representing 32% of total expenditures – the highest proportion in the nation’s history.
The budget framework projects revenues and grants at $1.792 billion, marking an 8.5% increase ($139 million) over the previous fiscal year. Despite global economic headwinds, the government forecasts a primary surplus of 1.07% of GDP with an overall deficit contained at -1.49% of GDP.
Economic indicators reveal remarkable stability: unemployment has plummeted to a historic low of 2.0%, inflation remains subdued at 1.1%, and GDP growth reached 1.9% in 2025 with projections of 2.3% for 2026. The nation’s public debt has been dramatically reduced from over 130% to 66.6% of GDP, while central bank reserves stand robust at $1.1 billion.
Social investments feature prominently, with all 15,000 public officers, teachers, and security personnel receiving a 4% salary increase – the second consecutive raise following last year’s 4.5% adjustment. This $28.5 million commitment brings total wage and pension allocations to $78.7 million annually.
Healthcare transformation continues with the complete nationwide rollout of the National Health Insurance programme, now extending to the Cayo District’s 80,000 eligible residents. With $57 million allocated to NHI, $52.5 million to Central Medical Stores, and $33.7 million for operational support of the Karl Heusner Memorial Hospital, Belize’s medical infrastructure receives unprecedented funding. A Taiwan-funded state-of-the-art hospital in San Pedro Town receives $19.1 million in capital budget allocations.
Infrastructure development represents the budget’s centerpiece, featuring the comprehensive upgrade of the George Price Highway from Belize City to Belmopan. The project utilizes a $34.5 million Caribbean Development Bank loan and Kuwait Fund financing, with civil works commencing in April 2026. Simultaneously, two critical Belize City bridges will be replaced: the Belcan Bridge through Taiwan’s $20 million investment and the historic Swing Bridge via $28 million in Japanese grant aid through JICA.
Educational reforms achieve landmark status with the government’s Upliftment Project expanding to 27 secondary schools, serving over 14,000 students – a 1,000% increase from the 947 students covered at its 2022 inception. All government secondary school students now attend tuition-free, with 83% of nationwide secondary students receiving financial assistance. The US$125 million Millennium Challenge Corporation compact with the United States continues, directing US$53.8 million to education and US$41.7 million to energy initiatives.
Energy security advances through plans to add over 100 megawatts of renewable capacity within three years, supported by Saudi Fund for Development solar investments and IFC-backed private sector programs. The recently nationalized hydroelectric facilities, rebranded as Hydro Belize Limited, successfully raised $134.8 million through an oversubscribed share offering to local investors.
Fiscal modernization measures include transforming the Belize Tax Service into a Semi-Autonomous Revenue Authority, introducing electronic invoicing systems, and establishing an ambitious target to reduce public debt below 50% of GDP by 2030.