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Achievements and Challenges Ahead
出版International Monetary Fund, 2014-07-22
主題Business & Economics / Finance / Financial Risk ManagementBusiness & Economics / Exports & ImportsBusiness & Economics / Investments & Securities / Bonds
ISBN14843502789781484350270
URLhttp://books.google.com.hk/books?id=3DpRBAAAQBAJ&hl=&source=gbs_api
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註釋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.