Tonight, there is also an update on the Superbond. As we last reported, the bondholders are in discussion to review the proposal by the Government to buy out the bonds for cash at fifty-five cents on the dollar. The discussions are promising as Belize is near the 75 percent approval needed from the bondholders.
John Briceno, Prime Minister of Belize: “Our efforts in renegotiating the superbond are now public.
As of September 14, we have formally launched our offer at a deep discount of 55 cents on each dollar of outstanding bonds issued to bondholders.
We still have some ways to go to get that across the finish line, but we look forward to that day when we will finally be released from this noose hanging around our necks and to the substantial savings of almost half a billion dollars to the government and people of Belize.
We also look forward to the issuance of the new Blue Bonds, which will enable us to set up a Marine Conservation Endowment Fund.
This fund in 20 years will grow to over 200 million Belize dollars and has been designed to ensure marine conservation project funding in perpetuity.
If we are successful on this front, our debt to GDP ratio will reduce by a full 12 percent, moving us toward a sustainable debt path.
We would also enjoy cumulative cash flow relief over the period of this PUP administration of almost $130 million.
Our debt management efforts do not end there however as we explore other areas to restructure other government debt.”