In Belize, preliminary results in the general election indicate that the Dean Barrow led government has narrowly won a second term. This means that the tiny Central American country moved closer to a potential renegotiation of its 550 million dollars overseas debt.
Chief Aid Elections officer Josephine Tamai says the ruling United Democratic Party won a majority of 17 seats in the 31-seat parliament to the opposition People’s United Party’s 14.
Official results are not due until later today as final checks are still being made. Last month, Prime Minister Dean Barrow announced that if re-elected his first act would be to win more favourable terms for Belize’s so-called superbond, which makes up half the country’s debt and 40 percent of gross domestic product.
However, following his comments Ratings agencies Moody’s Investors Service and Standard & Poors downgraded the country's foreign-currency sovereign rating well into ‘junk’ territory.
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