Belize restructured superbond approved by House of Representatives

On February 12, the House of Representatives during a special sitting passed the bill on the restructured superbond. The bond went through all three readings, and now it should be approved by the Senate. During the debates in the House, Prime Minister of Belize Dean Barrow disclosed that there is an extension in maturity of the superbond, meaning there is about a decade added to the payment plan. He also said that there are over a hundred million US dollars written-off the debt, and current payment rates are 40 per cent lower than those under previous terms. The restructured deal also included the capitalization of the interest received from partial coupon payments in late 2012.

The deal was expected to cost about sixteen million dollars, but the Belize government will pay only three million Belize dollars to close the restructuring exercise.

During the discussion, the Opposition said that it had not been privy or consulted on the new terms of the superbond. The Leader of the Opposition, Francis Fonseca, pointed that the government might have negotiated a better terms of the deal if they were involved in the negotiating process.

Comments are closed.