PM Repeats: No IMF Program For Belize

• During Friday’s sitting of the House of Representatives, the Prime Minister, Hon. John Briceño, stated that the negotiations with the Creditor Committee representing the holders of Belize’s Superbond are still ongoing. The Superbond amounts to over U.S.$556.4Mn dollars, and makes up 40% of the sovereign’s total external debt. 
• On May 20, the country defaulted on a scheduled coupon payment given the critical state of the public finances, the severe impacts of the pandemic and the consequent rigid budget recently approved by this Parliament. Prior to that, a scheduled call between bondholders and the Minister of State in the Ministry of Finance was cancelled. At that time, the bondholders had stated that no progress could be made in the renegotiation of the debt unless Belize signs on to an IMF standby agreement. 
• During Friday’s House meeting, PM Briceño stated, “Our position remains steadfast; there will be no IMF standby program, because there is no need for an IMF program. The government knows what must be done to restore economic and fiscal health, and our 2021/22 national budget is proof-positive that we are acting with purpose and a clarity to restore equilibrium to the public finances.”

(Source: Amandala)