
Fiscal reforms and increased tax revenue from mineral exports will shrink the fiscal deficit to 2.8% of GDP in 2014 and 2.4% in 2015, easing risk. The sovereign will have access to local, multilateral and bilateral loans (including PetroCaribe financing) to meet its funding needs. It sold a new US$500m global bond in October and has budgeted for another placement of up to US$1.5bn in 2014.