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Sep 20, 2016

Superbond Step-up is Coming, Warns Financial Secretary

Joseph Waight

The so-called “Superbond” was restructured in March of 2013, a year after Prime Minister Dean Barrow won a second term mainly on his pledge to do so. It’s now been three and a half years and so far, Belize has made all its interest payments. But beginning about this time next year, according to Financial Secretary Joseph Waight, the bond, which matures in 2038, will become a significantly greater burden on Belize.

 

Joseph Waight, Financial Secretary

“There is an increase or step-up in the interest rate, from five percent currently to six point seven-six percent in 2017, so next August it steps up, and then in two years’ time beyond that, in 2019, the amortization, the repayments begin. So the Superbond is about half our debt, and it is expected, or it’s scheduled, programmed to go up significantly: from thirteen million dollars annually, to seventeen, then we have to put another thirteen million payments on top of that semi-annually.”

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