Debt resolution to save Belize estimated US$150mn

In his first national address this year Belize's prime minister Dean Barrow said his administration will sign a restructuring agreement on US$544mn worth of commercial debt in January. The deal will resolve an ongoing conflict between Belize and creditors that arose last August when the Caribbean nation missed a US$23mn bond payment. According to reports, Belize will save an estimated US$150mn under the new agreement. "The settlement we have reached with Superbond holders is on terms very favorable to us. The relief we have been able to secure amounts to hundreds of millions of dollars," Barrow said. Despite last year's debt issues, Belize's economy grew by 4.2% in 2012, according to the UN economic commission for Latin America and the Caribbean (Eclac).