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May 7, 2021

Central Bank’s Account of the Super Bond Meeting Cancellation

The Super Bond restructuring remains in limbo, following the cancellation of a virtual meeting between Minister of State Christopher Coye and the two largest holders of the Government of Belize’s U.S. Dollar Bonds.  That meeting was scheduled for earlier this week, with an aim to restructuring the bonds that are due in 2034, taking into consideration the country’s economic crisis.  In a sequence of events chronicled by the Central Bank of Belize, a proposal for the restructuring of the bonds was sent to the three institutions that comprised the bondholders committee; namely, G.M.O., Greylock and Aberdeen Standard Investments.  Despite putting forward a suggested plan of action to restructure the bond, G.O.B. did not receive a counterproposal from the committee ahead of its May third meeting.  What the committee did was to communicate several positions and information requests from local authorities.  These requests included inquiries about Belize’s access to multilateral financing.  On Monday, the meeting was called off abruptly when the committee rejected Belize’s proposed extension of the customary confidentiality arrangements that were in place.  Representatives of the committee then indicated that the discussion would not be worthwhile unless Belize agreed to accept a full I.M.F. program.  That position, however, flies in the face of government’s plan to move forward with a homegrown economic recovery plan.  Nonetheless, the Briceño administration has been working closely with the International Monetary Fund to develop a fiscal adjustment program that Belize believes is generally in line with the I.M.F.’s own recommendations.


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