02218cas a2200277 a 4500 AALejournalIMF014584 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498369510 1018-5941 BD-DhAAL BD-DhAAL Asonuma, Tamon. Sovereign Debt Restructurings in Belize : Achievements and Challenges Ahead / Tamon Asonuma, Gerardo Peraza, Kristine Vitola, Takahiro Tsuda. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006-07 and in 2012-13 that occurred outside of an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fiscal solvency concerns. Despite differential treatment between residents and non-residents, both 2006-07 and 2012-13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities' effective communication strategy. However, while providing temporary liquidity relief, neither of the debt restructurings properly addressed long-term debt sustainability concerns. Going forward, the success of the 2012-13 debt restructuring will still depend on the country's ability to strengthen fiscal efforts and public debt management framework. Mode of access: Internet Peraza, Gerardo. Tsuda, Takahiro. Vitola, Kristine. IMF Working Papers; Working Paper ; No. 2014/132 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/132/001.2014.issue-132-en.xml IMF e-Library