Belize strikes deal to restructure outstanding debt

BELIZE CITY: Belize on Friday struck a deal with a majority of its creditors to renegotiate longer terms and lower interest rates, officials said Friday.

"The government of Belize today announced that the holders of 86.17 percent of dollar bonds due in 2029 have exchanged the instruments for new bonds maturing in 2038," said an official statement.

The country needed agreement from at least 75 percent of its creditors to move forward with the deal.

In addition to giving Belize an extra nine years to repay the capital, the interest rate for the first four years will be 5.0 percent, before reverting to the current rate of 8.5 percent.