BREAKING: Prime Minister announces restructuring of Petrocaribe debt

Posted: Monday, December 12, 2022. 11:27 am CST.

By Aaron Humes: Pending rebalancing of the books between the Governments of Belize and the Bolivarian Republic of Venezuela, Prime Minister John Briceño announced today in the House of Representatives that an “incredible” restructuring of the debt of the former to the latter by as much as a quarter of a billion dollars, the second time in two years, reducing national public debt by a billion dollars in two years.

According to the Prime Minister, after a year and six months of “intense” negotiations, an agreement has been reached on a reduction of the debt of “between $267 and $327 million,” cutting the debt to GDP ratio by six to seven points while keeping to the terms of the original agreement, including a two percent interest rate, a two-year principal moratorium and a 25-year repayment period.

Venezuela is Belize’s principal bilateral creditor, with debts of between $449 to $547 million pending.

More on this later.

 

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