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Sovereign Debt Restructurings in Belize: Achievements and Challenges Ahead

Sovereign Debt Restructurings in Belize: Achievements and Challenges Ahead

Gerardo Peraza
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This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006 07 and in 2012 13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fiscal solvency concerns. Despite differential treatment between residents and non-residents, both 2006 07 and 2012 13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012 13 debt restructuring will still depend on the country s ability to strengthen fiscal efforts and public debt management framework."
Pages
29
Format
ebook
Publisher
International Monetary Fund
Release
August 25, 2014
ISBN
1322071179
ISBN 13
9781322071176

Sovereign Debt Restructurings in Belize: Achievements and Challenges Ahead

Gerardo Peraza
0/5 ( ratings)
Read Download
This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006 07 and in 2012 13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fiscal solvency concerns. Despite differential treatment between residents and non-residents, both 2006 07 and 2012 13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012 13 debt restructuring will still depend on the country s ability to strengthen fiscal efforts and public debt management framework."
Pages
29
Format
ebook
Publisher
International Monetary Fund
Release
August 25, 2014
ISBN
1322071179
ISBN 13
9781322071176

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