Arab Today, arab today belize strikes deal to restructure outstanding debt
Last Updated : GMT 15:50:20
Arab Today, arab today
Arab Today, arab today

Belize strikes deal to restructure outstanding debt

Arab Today, arab today

Arab Today, arab today Belize strikes deal to restructure outstanding debt

Washington - AFP

Belize struck a deal with a majority of its creditors to renegotiate longer terms and lower interest rates, according to officials. \"The government of Belize today announced that the holders of 86.17 percent of dollar bonds due in 2029 have exchanged the instruments for new bonds maturing in 2038,\" said an official statement, released on Friday. The country needed agreement from at least 75 percent of its creditors to move forward with the deal. In addition to giving Belize an extra nine years to repay the capital, the interest rate for the first four years will be 5.0 percent, before reverting to the current rate of 8.5 percent. The new terms will save Belize nearly $20 million in annual interest -- equivalent to around 1.5 percent of the economy of this impoverished Central American nation, which subsists on tourism and a few tropical crops. In August 2012, the tiny country of just 330,000 inhabitants missed a $23 million bond payment. In September, it made an $11.7 million interest payment, only about half of what it owed but enough to avoid full-blown default. Belize -- a low-lying, English-speaking nation on Central America\'s Caribbean coast -- is famous for diving, fishing, hiking and ecotourism. Its foreign debt of $1.1 billion is a drop in the bucket by world standards, but a serious challenge for a country already hit hard by poverty and weak economic growth. The poverty rate is about 40 percent and unemployment around 15 percent in the former British colony, which became independent in 1981.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today belize strikes deal to restructure outstanding debt Arab Today, arab today belize strikes deal to restructure outstanding debt

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today belize strikes deal to restructure outstanding debt Arab Today, arab today belize strikes deal to restructure outstanding debt

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday