As was reported last week, Belize’s bondholders rejected the Government’s initial solicitation consent. The bondholders viewed it as premature citing that any potential debt relief must be part of a medium term solution for Belize with a strong and credible medium term program of fiscal and structural adjustment to promote economic growth and reduce crises risk and reasonable mechanisms to assure that the adjustment program will be delivered. The recommendation made was for the Government to seek technical assistance in further developing a comprehensive home-grown adjustment program that can ultimately be endorsed by Belize’s multilateral partners. Once this is done then the committee said it would be willing to analyze and share its conclusions with the Government on its adequacy to reduce the risk that future debt restructuring would not be required. Today, Minister of State, Tracy Taegar Panton was asked about the bond renegotiation.
Tracy Teagar Panton – Minister of State, Ministry of Economic Development
“I understand that the negotiations continue, there is a need to look at these hefty payments that the country has to make and so I think the effort will continue to negotiate with the bond holders and hopefully we can find a place where we can have some consensus.”