El Salvador: Debt refinancing project presented
The Ministry of Finance will present two law projects to Congress in order to obtain $950 million in creidt to refinance the debt.
Tuesday, October 7, 2008
If approved, the first loan would be from the Inter-American Development Bank (IDB), for a total of $500 million; the second would be from the World Bank for a total of $450 million.
Congress authorized the Government to sign two lines of credit with international banks for $950 million.
As the terms grow shorter, the World Banks has doubts about how the country will pay its debt of more than $600 million in Eurobonos.
The National Agriculture Development Bank will readjust the debt for at least 30 thousand farmers that were affected by the strong rains last October.
The decrease in tax revenue, mainly from value added tax and customs tariffs, have prevented the timely payments of the State’s obligations.
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