Guatemala cancels US$3.5 million in highways contracts
Guatemala's Highways Fund, Covial, has rescinded eight contracts for a total of 25.9 quetzals (US$3.5 million) awarded to companies who failed to abide by their contracts.
Thursday, May 29, 2008
"In some cases the work wasn't up to standard, in others it was way behind schedule. In some cases, work hadn't even begun," said Byron Pivaral, the deputy director of Covial
Honduras will be unable to meet targets set by the International Monetary Fund as a result of a soaring bill for fuel imports, finance Secretary Rebeca Santos said.
Construction, real estate and rentals are the main sectors generating registrations and other paperwork that have raised $40 million in revenue for the Public Registry.
The National Highway Council will be extending for 12 months road maintenance contracts worth $151 million because of the inability to carry out new tenders.
The Brazilian construction company awarded the second stage of the cleanup works in Caldera River.
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