Government of El Salvador should renegotiate debt
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.
Friday, September 12, 2008
The payment of this debt is due in 2011, and according to Humberto Lopez, Chief Economist for Central America at the World Bank, El Salvador should try to solve the problem.
Congress authorized the Government to sign two lines of credit with international banks for $950 million.
The Ministry of Finance will present two law projects to Congress in order to obtain $950 million in creidt to refinance the debt.
Economic studies indicate that a condition of this is that this key indicator should not exceed 34% of GDP until 2015.
In order to maintain a deficit reasonable and economically sound development in the next few years policies on borrowing are needed.
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