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

• Authors: Tamon Asonuma , Michael G. Papaioannou , Eriko Togo , Bert van Selm

Abstracts

EN

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.

Keywords

EN

Sovereign Debt; Sovereign Defaults; Sovereign Debt Restructurings; Serial Debt; Restructurings; Belize

• Publisher: Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
• Journal: Journal of Banking and Financial Economics
• Year: 2020
• Issue: 2(14)
• Pages: 47-67

Dates

published

2020

Contributors

author

Tamon Asonuma

• International Monetary Fund, U.S.A.

• https://orcid.org/0000000222583249

author

Michael G. Papaioannou

• International Monetary Fund, U.S.A.

• https://orcid.org/0000000324208319

author

Eriko Togo

• International Monetary Fund, U.S.A.

• https://orcid.org/0000000166887650

author

Bert van Selm

• International Monetary Fund, U.S.A.

• https://orcid.org/0000000280642833

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Identifiers

DOI

10.7172/2353-6845.jbfe.2020.2.4

Biblioteka Nauki

2047046