IMF Working Papers

Belize's 2016-17 Sovereign Debt Restructuring - Third Time Lucky?

By Tamon Asonuma, Michael G. Papaioannou, Eriko Togo, Bert van Selm

May 22, 2018

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Tamon Asonuma, Michael G. Papaioannou, Eriko Togo, and Bert van Selm. Belize's 2016-17 Sovereign Debt Restructuring - Third Time Lucky?, (USA: International Monetary Fund, 2018) accessed November 23, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper examines the causes, processes, and outcomes of Belize’s 2016–17 sovereign debt restructuring—its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains.

Subject: Asset and liability management, Bonds, Debt restructuring, Financial institutions, Fiscal consolidation, Fiscal policy, Public debt, Sovereign debt restructuring

Keywords: Amendment terms, Belize, Belize bond price, Bonds, Caribbean, Coupon rate, Debt, Debt portfolio risk, Debt restructuring, Debt restructuring process, Debt sustainability concern, Face value, Fiscal consolidation, IMF engagement, NPV haircut, Restructuring approach, Restructuring experience, Restructuring process, Serial Debt Restructurings, Sovereign Debt, Sovereign debt restructuring, Sovereign Debt Restructurings, Sovereign Defaults, U.S. dollar, WP

Publication Details

  • Pages:

    26

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 2018/121

  • Stock No:

    WPIEA2018121

  • ISBN:

    9781484357217

  • ISSN:

    1018-5941

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