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El Salvador: $1.1 Billion Needed to Fund Government Tied Up in the Executive Assembly

Article Summary:

El Salvador’s Executive Assembly is awaiting ratification on more than a dozen loans, with an estimated value of $1.176 billion, from the legislative branch of the country’s government. The loans are needed to run the government since the prior administration left the country debt ridden, say officials.

Photo Credit: Prensa Grafica

Original Article Text From Prensa Grafica via Google Translate :

Appropriations By $ 1.176 Mill Awaiting Endorsement

The Executive is awaiting ratification by more than a dozen claims whose procedure has been applied to the Legislature in recent weeks.

In total, applications for loans to international banks, of which the Executive is awaiting approval by parliament, amounted to $ 1.176 million.

Prominent among these requests a credit of $ 800 million program called Body of liabilities, which will ensure remedies for investors to exercise option to redeem bonds in advance with rates of 7.75%, according to the approach from the Executive to the Finance Committee Legislative Assembly.

Also included is a loan agreement with the Central American Bank for Economic Integration (CABEI), for $ 60 million, the so-called Plan for Family Farming and rural entrepreneurship for food security.

The deputy Democratic Change (CD) Douglas Aviles said his party is willing to cooperate in approving funds for the Executive to invest in social development projects, but also considered that should address the issue of indebtedness of the country, whose levels are already quite high.

Meanwhile, the parliamentary Carmen Elena Calderón Sol ARENA Escalon expressed a similar position.

According to Calderon Sol of Escalon, ARENA accompany financing for investment, but will not give their votes when the credits are destined for current expenditure.

The president, Mauricio Funes, has insisted he has had to resort to loans because previous governments insolvent left the state to meet its obligations.

The right accused Funes of the country dangerously into debt.

Link to Original Article:

From Prensa Grafica

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