Speaker Of The House Signs MOU With FOPREL And SICA

Speaker of the House of Representatives, Hon. Laura Tucker Longsworth, travelled to El Salvador to p...

New International Flight Headed To Belize

There's a new international flight headed to Belize, this time coming from Minneapolis, Minnesota lo...

224 Farmers Graduate From Farmers Field School

This afternoon a special graduation ceremony was held for 224 cane farmers who participated in the S...

  • Speaker Of The House Signs MOU With FOPREL And SICA

    Friday, 07 September 2018 02:44
  • New International Flight Headed To Belize

    Friday, 07 September 2018 02:46
  • 224 Farmers Graduate From Farmers Field School

    Friday, 07 September 2018 03:09

No_Image_AvailableTonight there is bad news for Governments finances. Moody’s, the international rating agency, today announced that eleven countries including Belize face a substantial risk of defaulting on debt and declaring bankruptcy. Accompanying Belize is Argentina, Greece, Ukraine, Egypt, Cuba, Cyprus, Jamaica, Ecuador, Venezuela and Pakistan.


Moody’s credit rating for Belize was Caa2 with a stable outlook. The country without a doubt has suffered from debt problems for years, first defaulting nearly a decade ago, after which it consolidated all of its international debts into a single bond.

 

Government then missed a payment on this “superbond” in August 2012, leading to a 2013 debt restructuring that resulted in a longer repayment time, a haircut to the bond’s overall value, and smaller payments for bondholders. Following the restructuring, Moody’s upgraded Belize’s credit rating to Caa2 with a stable outlook and it has remained that way. The IMF projects that Belize’s total gross debt will reach 80.4% of GDP by the end of 2014.

Share this post

This content has been locked. You can no longer post any comment.