March 7th, 2017
The Government of Belize and taxpayers will be able to breathe a huge sigh of relief, as the Prime Minister has been successful in negotiating the terms and conditions of the “Superbond”. After months of fiery discussions a deal was struck which puts the country in a much better position to be able to service the debt.
Under the new agreement, the interest rate on the Superbond has been reduced to 4.9375% from 6.767%. The reduced interest rate will save Belize $170 million (BZD). Repayment on the principle is to commence from 2030 and ends in 2034, revised from the previously scheduled 2019 to 2038 schedule; the country will then be able to retain over $600 million (BZD) in cash flow between 2019 and 2030.
A press conference has been scheduled for 10:00 AM tomorrow, Wednesday, March 8th, where the full details of the new agreement will be disclosed to the public.