Belize’s 2016–17 Sovereign Debt Restructuring – Third Time Lucky?
Belize’s 2016–17 Sovereign Debt Restructuring – Third Time Lucky?

Summary/Abstract: This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debtrestructuring – its third episode in last 10 years. As was the case in the earlier two restructurings,in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborativeengagement with creditors outside an IMF-supported program. While providing liquidity reliefand partially addressing long-term debt sustainability concerns, the restructuring will need to beunderpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to securedurable gains and avoid future debt distress situations.

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