News

PM: Belize Set to Finalize Superbond Deal

By: Caribbean Journal Staff - January 6, 2013

Above: Parliament in Belmopan

By the Caribbean Journal staff

Belize will officially sign an agreement on the restructuring of its large commercial debt in the early part of this month, Prime Minister Dean Barrow said in his first national address for 2013.

The agreement will “resolve once and for all the crippling commercial debt burden that has threatened to turn Belize into an economic basket case,” he said.

“The settlement we have reached with Superbond holders is on terms very favourable to us,” he said. “The relief we have been able to secure amounts to hundreds of millions of dollars.”

That savings has been estimated at around $150 million on a bond that totaled almost $550 million.

The debt had been a major issue in Belize’s March 2012 election campaign after Barrow suggested the country would not make payments on the debt.

Belize defaulted on a coupon payment on the bond last August, when Barrow said the country was unable to make the payment.

Despite the debt issues, Belize’s economy improved in 2012, growing by 4.2 percent in 2012, according to the United Nations Economic Commission for Latin America and the Caribbean.

That was the highest growth rate in the Caribbean.

Popular Posts ian fleming villa with beach and green trees

American Airlines Begins New Ocho Rios, Jamaica Flights, With a Nod to James Bond 

Ian Fleming began writing the book that would become Casino Royale at his seaside villa in the town of Oracabessa, Jamaica in February 1952.  It was here on the outskirts of Ocho Rios that Fleming would forge the story of […]


A New All-Inclusive W Hotel Is Opening This Year in Punta Cana 

w punta cana

The first-ever all-inclusive W Hotel in the Caribbean is opening this year in Punta Cana, Dominican Republic, Caribbean Journal has learned.  The hotel, part of a broad expansion for parent company Marriott International, is on the list of expected 2024 […]


Why Grenada Is a New Caribbean Luxury Hotspot

beach house silversands

From its world-renowned chocolate to its pristine beaches to a region-leading focus on sustainability, Grenada is as fascinating and unique as destination as you’ll find in the Caribbean.  But in the last few years, the lush Eastern Caribberan island has […]


Related Posts magazine beach grenada

Caribbean Moment: Magazine Beach, Grenada

Grenada is known for many things: its chocolate, its rum, its lush rainforest, its world-class cuisine. What you may not realize is just how beautiful the island’s beaches are, from its signature Grand Anse Beach to lesser-known coastlines like Magazine […]


Caribbean Photo of the Week: Frederiksted, St Croix

frederiksted st croix

The latest Caribbean Photo comes fro Caribbean Journal reader Eric Schaeffer, who sent in this lovely shot while walking in Frederiksted, St Croix, USVI. Have you taken a great photo in the Caribbean? Send it to news@caribjournal.com with CPOTW in […]


JW Marriott Just Opened Its First Caribbean Beach Resort in St Maarten 

jw marriott st maarten

It was arguably the most high-profile resort on the Dutch side of St Maarten: the Westin Dawn Beach resort, set on one of the most beautiful shorelines on the island and the area’s most famous branded hotel.  Then that unwelcome […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You