After nearly a year of negotiations, the committee representing the Belize bondholders has agreed to government’s bond offer. This is after the Committee made a unanimous decision to swap their old U.S. dollar bonds for new bonds with a maturity date of 2038. The deal put forward by the government is that creditors would write off 10 percent of the value of the country’s $550 million superbond, that’s far less than the 45 percent that Belize originally proposed. The interest rate will be set at 5 percent for the first 4.5 years. After this period, the interest rate will be 6.788 percent. Joint Chair of the Committee AJ Mediratta, says about the deal – “The Committee appreciates the (Belize government’s) willingness to negotiate in good faith and to adhere to what was in the end a fair and transparent process.” Belize has also been given a nine year extension to pay off the bond.