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

27 Pages Posted: 1 Aug 2018

See all articles by Tamon Asonuma

Tamon Asonuma

International Monetary Fund Research Department

Michael G. Papaioannou

International Monetary Fund (IMF)

Eriko Togo

International Monetary Fund (IMF)

Bert van Selm

International Monetary Fund (IMF) - Middle East and Central Asia Department

Date Written: May 2018

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: Sovereign debt, Sovereign debt restructuring, International financial markets, Fiscal consolidation, Fiscal reforms, Belize, Sovereign Debt; Sovereign Defaults; Sovereign Debt Restructurings; Serial Debt Restructurings; Belize, Sovereign Debt, Sovereign Defaults, Sovereign Debt Restructurings, Serial Debt Restructurings, International Lending and Debt Problems

JEL Classification: F34, G15, H63

Suggested Citation

Asonuma, Tamon and Papaioannou, Michael G. and Togo, Eriko and van Selm, Bert, Belize's 2016-17 Sovereign Debt Restructuring - Third Time Lucky? (May 2018). IMF Working Paper No. 18/121. Available at SSRN: https://ssrn.com/abstract=3221201

Tamon Asonuma (Contact Author)

International Monetary Fund Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Michael G. Papaioannou

International Monetary Fund (IMF) ( email )

700 19th Street NW
10-115
Washington, DC 20431
United States
001-202-623-7799 (Phone)
001-202-623-7018 (Fax)

Eriko Togo

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Bert Van Selm

International Monetary Fund (IMF) - Middle East and Central Asia Department ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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