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Dec 7, 2022

Government Receives Award for Bond Restructuring

The Government of Belize is the recipient of the prestigious award for Sovereign Restructuring Deal of the Year at the Bonds and Loans Latin America and the Caribbean Awards on November thirtieth in Miami.  Beverly Wade, Director of the Blue Bonds and Finance Permanence Unit in the Office of the Prime Minister, accepted the award on Behalf of the Government of Belize.  The restructuring translated to an overall debt reduction of two hundred and fifty million U.S. dollars, debt servicing savings of two hundred and fifty million U.S. dollars and roughly one hundred and eighty million dollars to support the conservation and responsible use of Belize’s marine resources.

 

Beverly Wade

Beverly Wade, Director of Blue Bonds

“It’s huge, really, especially for a country like Belize to be recognized for such an innovative deal. The Bonds and Loans Award Ceremony is an annual event where innovative and significant deals are really highlighted and it’s highlighted regionally and it’s meant to recognize them and to look at them and to help to bring other players within the industry together and to look at how these examples, best examples really can help to inspire other deals in the region. The blue bond deal, as most Belizeans know, has really been heralded globally, not only because of the financial significance of it, because it was an excellent restructuring that was done in terms of addressing our debt. But along with it came the innovation and the creativity to now include in it long-term financing for marine and coastal conservation and really for the responsible development of our blue economy and our blue space. There were some discussions that were first being had and in early 2020, then there was a change in administration and shortly after the change in administration, there was priority really, by this new administration to address the debt, our national debt. We had the Super Bond which really represented twenty-five percent of our external debt and really reduced our debt-to-GDP ratio by twelve percent. So that’s how significant it was.  So the current administration saw it as a priority and really put together a very formidable team to address the whole issue of debt in Belize and they should be commended for that, the Ministry of Finance and the team. But along with it came the other discussions which were looking at Belize as a leader, a continued leader really in the whole issue of conservation and sustainable use, but also now a leader in positioning our nature-based assets central to our national development, central to economic recovery and central to the direction, in terms of where we want to go as a country.”


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