The Altara El Tucano project has stopped paying its investors and is to execute the Guarantee Trust.
After the deadline of 30 working days provided to the settlor Altara The Tucano to provide the resources to pay obligations owed to the trust, the administrator, Scotiabank announced the execution of the guaranty for non payment.
Plagued by serious liquidity problems, the government of Honduras is using cement as currency to pay off its debts.
Latribuna.hn reported that the president of the Honduran Chamber and Construction Industries (Chico), Alejandro Alvarez, revealed that "The government is using cement destined for social works to pay off debts held with some contractors and construction companies."
The decrease in tax revenue, mainly from value added tax and customs tariffs, have prevented the timely payments of the State’s obligations.
The elimination of the electricity subsidy payments, which affects those who consume in excess of 99 kilowatts, was a decision that was forced upon the Salvadoran government by the decline in revenues in the face of the economic downturn affecting the country.