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Sep 8, 2021

Former PM Weighs in on Super Bond and TNC Agreement

Dean Barrow

The albatross that is Belize’s massive external debt is a collective burden, some of which may be lifted off our shoulders in the weeks ahead, thanks to a new agreement being hammered out with bondholders.  While he is yet to be given the specifics, former Prime Minister Dean Barrow welcomes the arrangement.


Dean Barrow, Former Prime Minister

“I think it’s a good thing, subject to certain caveats, but I think it would be an excellent thing if this could be consummated. It would remove this Damocles sword from over their heads of the Belizean public. I don’t know all the details of the preliminary agreement, but for sure TNCs raising of the money to buy out the bonds would mean that, not necessarily that government and people would not have to pay back that money to TNC. They would become the owners of the bonds and we would still have to service that payment, but in Belize dollars. And in any event, it would be at a savings apart from the foreign exchange relief, which we desperately need and which we would get. I believe the terms of payment would be less onerous by far than the terms of payment that currently govern the bond when the bond is owned by foreign bond holders. So, I think it would be a wonderful coo, a wonderful achievement for the government and people of Belize, and I hope, sincerely that it does absolutely materialize.”

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