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May 11, 2021

Mark Espat Remains on Super Bond Debt Management Team

Christopher Coye

On Monday, Minister of State Christopher Coye shared the latest information on Belize’s pending Super Bond payment.  A seven-million-dollar coupon is due later this month and, from the look of it, Belize will not be able to meet this external debt obligation.  Bondholders are reluctant to proceed with a restructuring unless Belize signs on to an I.M.F. program, but government seems to be firm in its financial plan as laid out in the 2021 budget.  The junior Minister of Finance also identified the members of Belize’s debt management team.

 

Christopher Coye, Minister of State, Finance

“I think if you look at the budget book, that speaks to the fiscal plan of the government and that lays out what the adjustments that will be made.  Those adjustments contemplate restructuring and thus, you have reductions in the servicing obligations line item in the budget.  So we plan on a restructuring, a debt restructuring and in that regard what is going to be paid ultimately will depend on the outcome of that restructuring process.  Mark Espat is a part of the debt management team.  It’s essentially the 2017 restructuring team.  We have the Citi Financial Markets.  They are the external financial advisors.  We also have Lee Buchheit as the strategic advisor and then you also have Sullivan and Cromwell as our legal advisors.”


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