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News > Belize

Belize Seeks To Restructure Its $500 Million Bond Debt

  • First shipment of COVID-19 vaccines arrives in Belize, Feb. 24, 2021.

    First shipment of COVID-19 vaccines arrives in Belize, Feb. 24, 2021. | Photo: Twitter/ @MFABelize

Published 9 June 2021

Currently, 45 percent of its debt service is directed only to interest payments.

To reduce Belize's level of indebtedness, Prime Minister John Briceño seeks to renegotiate a US$500 million sovereign bond debt.


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He called on bondholders to conduct "reasonable" talks in good faith to reach an agreement since the amount represents 97 percent of the country's commercial external debt.

Briceño also pointed out that at least 45 cents of every dollar allocated for debt servicing are delivered to bondholders to cover the interest on the debt alone.

On June 11, bondholders must decide whether or not to extend the grace period for the collection of the most recent debt service. 

Last week, lawmakers approved a bill to boost the country's international financial services by amending the Income and Business Tax Act. They said this sector has been in a sustained decline over the last five years."

Briceño plans to boost the national economy amid the COVID-19 pandemic by providing loan facilities to tourism and agricultural enterprises and expanding investment projects at the free trade zone.

He announced also an official visit to Mexico in September to settle on a "Partial Scope Agreement" on exports. 


John Briceño
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