BELMOPAN, Belize, CMC – The Belize government has approved a new initiative to develop what it has described as “A People-Centric Conservation Agenda for Belize’s Blue Space.”
A statement issued following the weekly Cabinet meeting noted that the initiative would be implemented through a program called “Resilient Bold Belize, a project for finance permanence for Belize’s marine and coastal areas.”
The statement said that this agenda will include three critical marine and coastal conservation commitments.
It will include tripling the complete protection of the coral reef from seven to 20 percent to identify the most advantageous places to increase coral reef protection, with the government noting that “this can deliver further food and livelihood security for Belizeans as well as to grow the blue economy.”
In addition, the new initiative will allow for the designation of the remainder of Belize’s 30-by-30 protection pledge in areas that will support the highest biodiversity outcomes.
“Belize has already legally protected 20.3 percent of its total ocean space under the Blue Bond Agreement. Belize will work with partners and local stakeholders via a science-driven process to make the right decisions for the nation’s people and environment,” the Cabinet statement noted.
The Nature Conservancy’s (TNC) Blue Bonds in Belize is a pilot initiative that supports a plan to provide countries across the Caribbean, Africa, Latin America, and the Asia-Pacific regions with a debt restructuring option to help ensure the protection of more of the world’s oceans.
The US$364 million debt conversion reduced Belize’s debt by 12 percent of gross domestic product (GDP), created long-term sustainable financing of approximately four million US dollars annually for conservation, and locked in a commitment to protect 30 percent of Belize’s ocean, in addition to other conservation measures.
The Cabinet statement said that the new policy would also secure domestic and international funding against a cost analysis to make “Belize’s vast marine protected area system among the best-managed in the world and seek innovative funding to increase revenue from key sectors in Belize that benefit from the country’s natural wonders and seek the support of international partners.”
Meanwhile, the government said the emergence of the Business Process Outsourcing (BPO) sector as a material economic sector has resulted in the employment of more than 8,000 workers, generating tens of millions in foreign exchange and serving as a part of the impetus for the construction boom.
“This also includes the rebound and transformation of the tourism economy, where tourists stay longer and spend more. Along with the BPO sector, this fuels the wholesale and retail services boom.
“This transformation also includes the growing significance of self-employed persons and small businesses (MSMEs) as the entrepreneurial spirit of the Belizean people and is nurtured by government’s investor-friendly and pro-MSME policies,” the statement said, noting that these performances are being reported even as a delegation from the International Monetary Fund (IMF) is here conducting an appraisal of the local economy.
The statement said the Belizean economy continues outperforming “ beyond IMF’s projections.”
and then 