BBC reports on Belize bond

It’s been publicized in Belize that the International Monetary Fund, (IMF), has advised the government against issuing a proposed hundred million bond, but now their recommendation has gone international. Today the BBC’s Caribbean service published an article on the internet saying the IMF considers the bond would quote: “significantly burden the Belize economy.” The bond will have a maturity of ten years and an interest rate of nine point nine five percent payable twice yearly. The government will be seeking a loan to finance the bond from Trinidad-based RBTT Bank and another for forty million dollar from the International Bank of Miami to refinance its debt. The bond was approved by the Senate on October twenty-fifth, and the government will go ahead with it, although it is not known how the IMF’s assessment will affect the government’s decision. Prime Minister Musa has stated that his government is not seeking to access resources of the fund by way of any structural adjustment programmes but hopes to have the fund assist in monitoring a home-grown programme. Officials from IMF as well as the World Bank and the Inter-American Development Bank, (IDB), are in Belize to advise the government on its strategy for stabilising the economy.