"This agreement is comprehensive, it is sustainable, and it will provide well in excess of $150 million in relief to Belize," Barrow said at a news conference, adding he could not give further details.

Earlier this month, bondholders rejected an offer from the small Central American country's government on restructuring the debt and said they had hired lawyers after the expiry of a reprieve on legal action.

Belize, which said it could not afford to meet rising interest payments on the bond, shocked investors with an earlier suggestion that they take a haircut of up to 45 percent.