European Parliament Library

Belize's 2016-17 Sovereign Debt Restructuring - Third Time Lucky?, Tamon Asonuma, Michael Papaioannou, Eriko Togo, Bert van Selm

Abstract
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
Table Of Contents
Cover -- Contents -- I. INTRODUCTION -- II. BRIEF LITERATURE REVIEW -- III. BELIZE'S 2016-17 DEBT RESTRUCTURING -- A. Causes -- B. Process -- C. Outcomes -- D. IMF Engagement and Evaluation -- IV. LESSONS LEARNT FROM BELIZE'S 2016-17 RESTRUCTURING AND OTHER RESTRUCTURINGS -- A. Lessons Learnt from Belize's Three Debt Restructurings -- B. Comparison with Sequential Debt Restructurings in Antigua and Barbuda, Belize, Grenada and Jamaica -- V. CONCLUSION -- References -- Box -- 1. Innovations in the 2016-17 Restructuring -- FIGURES -- 1. Belize Public Debt, 2001-20 -- 2. Belize Bond Prices, 2010-17 -- 3. Composition of Central Government Public Debt, 2016 -- 4. Implied Interest Rate of Central Government Debt, 2016 -- 5. Belize Private Debt Restructuring, 2016-17: Debt Service -- TABLES -- 1. Belize Amendment Terms Proposed in the Consent Solicitations -- 2. Belize Debt Restructuring, 2016-17: Deal Structure -- 3. Comparing Three Debt Restructurings in Belize -- 4. Comparison between Antigua Barbuda, Belize, Grenada and Jamaica
Language
eng
Literary Form
non fiction
Physical Description
1 online resource (27 pages)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781484358719

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