ORCID
Tamon Asonuma 0000-0002-2258-3249
Michael G. Papaioannou 0000-0003-2420-8319
Eriko Togo 0000-0001-6688-7650
Bert van Selm 0000-0002-8064-2833
Keywords
Sovereign Debt; Sovereign Defaults; Sovereign Debt Restructurings; Serial Debt Restructurings; Belize
Abstract
This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – 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 collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains and avoid future debt distress situations.
Acknowledgments
This is an extended version of IMF Working Paper “Belize’s 2016–17 Sovereign Debt Restructuring–Third Time Lucky?” (WP 18/121). The views expressed in this paper are those of the authors and should not be attributed to the International Monetary Fund, its Executive Boards or its management. The authors would like to thank Mark J. Flanagan for valuable comments and Adriana Veras for helpful editorial support.
Recommended Citation
Asonuma, T., Papaioannou, M. G., Togo, E., & van Selm, B. (2024). Belize’s 2016–17 Sovereign Debt Restructuring – Third Time Lucky?. Journal of Banking and Financial Economics, 2020(14), 47-67. https://doi.org/10.7172/2353-6845.jbfe.2020.2.4
First Page
47
Last Page
67
Page Count
21
Received Date
30 November 2020
Revised Date
24 January 2021
Accept Date
2 February 2021
Online Available Date
18 February 2021
DOI
10.7172/2353-6845.jbfe.2020.2.4
JEL Code
F34; G15; H63
Publisher
University of Warsaw