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As a result, the general government debt has increased to 97% of GDP in 2004 (91% on a net basis), up from 85% in 2003. More than 85% of the general government debt is external, and more than 64% of the external public debt is owed to the commercial creditors. Such debt positions are not sustainable, especially in the framework of the fixed exchange rate regime.
? Vulnerability to adverse external developments. Rising oil prices and imminent price cuts for sugar exports (15% of Belize's merchandise exports) are putting strain on the already soaring external current account deficit (at 20% of GDP on average in the past four years)...
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