Belize seeks moratorium on 2034 bond interest payments

• The Government of Belize asked on Wednesday for a six-month moratorium on interest payments tied to its US dollar-denominated 2034 sovereign bond, citing the COVID-19 pandemic for wreaking a "devastating" effect on its tourism-led economy.
• In recent years, Belize's tourism industry accounted for approximately 60% of the country's foreign exchange earnings; however tourism has collapsed due to the rapid deterioration of worldwide economic conditions and the lockdown measures imposed by many countries, including Belize, to slow the spread of COVID-19.
• Belize has restructured its debt three times in the last decade, having come to an agreement with creditors the last time just over three years ago. The government said it would be discussing the financial situation with its creditors over the next two weeks and a formal "Consent Solicitation for temporary capitalization of interest is expected to be launched in early July."

(Source: Latinfinance)