How Will Superbond Impact Coming Budget?

Nikita Usher

Re-negotiation of the Belize 2038 Bonds or Superbond has bogged down some, following the summary rejection of the Government’s consent solicitation by bondholders last week. The Government is now seeking to respond to the bondholders’ dictates with regard to avoiding further credit risk and strengthening Belize’s economy – with a possible dose of medicine from the International Monetary Fund. Belize’s chief representative of the business community, the Belize Chamber of Commerce and Industry, appear willing to let them get on with it. Their primary concern at this time, according to President Nikita Usher, is the greater local picture as encapsulated in the upcoming General Revenue and Appropriations Bill, also known as “The Budget.”

Nikita Usher, President, Belize Chamber of Commerce and Industry

“The Government’s response is that that is just the start of negotiations; the business community is more interested in seeing what will be the Budget presentation for this year, which has to encompass what will be the Superbond; the Superbond is only one element of the Budget. I don’t want to comment on where the Government is going to head; threes still negotiations taking place there. Our biggest concern, however, is what is going to be our national Budget for 2016, 2017. And the Chamber has put together a comprehensive review of what we feel, or where we feel there can be some changes on the part of Government, and we are now making arrangements with Government in order to discuss them further.”