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

Michael Papaioannou, Bert van Selm, Tamon Asonuma () and Eriko Togo

No 2018/121, IMF Working Papers from International Monetary Fund

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.

Keywords: WP; debt; Belize; restructuring experience; Sovereign Debt; Sovereign Defaults; Sovereign Debt Restructurings; Serial Debt Restructurings; restructuring process; debt sustainability concern; NPV haircut; debt portfolio risk; IMF engagement; Belize bond price; restructuring approach; U.S. dollar; face value; coupon rate; amendment terms; debt restructuring process; Debt restructuring; Bonds; Sovereign debt restructuring; Fiscal consolidation; Caribbean (search for similar items in EconPapers)
Pages: 26
Date: 2018-05-22
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