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Sep 23, 2016

P.M. Promises To Fix Superbond Before He Leaves Office

Joseph Waight

Still on finances….this week we learned that Belize faces greater than ever economic strain, due to the expanding debt issues the country faces. Not the least of these is the Superbond, which sees a step-up in payments due next August. On Independence Day the Prime Minister promised he would have a solution before he leaves office.  Financial Secretary Joseph Waight on Tuesday provided an update of the figures.

 

Joseph Waight, Financial Secretary [File: September 20, 2016]

“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.”

 

Dean Barrow

Prime Minister Dean Barrow

“But that confidence is marred by one thing: fear of that other hurricane called the Superbond. So I will say just this: if it is the last thing I do before I leave office, I will once and for all solve that problem. (Applause) And it will not take anything like the four-plus years that I have left on my constitutional mandate.”

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