A request has been made for the law against money and asset laundering to meet international standards, a condition required to obtain funds from FOMILENIO II.
The Salvadoran Foundation for Economic and Social Development (FUSADES) requested that the Legislature take into account the reforms recommended by the Caribbean Financial Action Task Force (Gafic) to the Anti-Money and Asset Laundering law, as it is a condition required by the U.S.
The new government in El Salvador is keeping almost the same ministerial team as the Funes administration, ensuring the continued deterioration of the economy and lack of eligibility for investment.
Unfortunately "dedollarization" has been ruled out by the elected President Sanchez Ceren, which, as the next president lamented, implies that "you cant resort to a monetary policy." Our opinion is -on the contrary- that formal dollarization in force in El Salvador is a barrier to greater government fiscal outrages.
The business climate, smuggling and taxes have forced the tobacco company to close its operation in the country.
In a letter sent on March 5, to their suppliers, British American Tobacco announced the closure of its operations in El Salvador. The increase in smuggling and lack of competitiveness in terms of cost are some of the reasons for its departure.
The Government is still unable to curb its current account spending, which in 2013 grew by 8% compared to 2012.
Last year, the Salvadoran government used $3,654 million for consumption and operating expenses, $281 million more than in 2012, according to data from Banco Central de Reserva .
"Of the composition of current expenditure in 2013, 37.9% was needed for the payment of public employees, the purchase of goods and services accounted for 17.2% and commitments to public debt accounted for 15.9% of the spending."
FUSADES is asking the Salvadoran Congress to make reforms to the Special Act on Public-Private Partnerships in order to ensure its effectiveness.
The Salvadoran Foundation for Economic and Social Development (FUSADES) is refering to the reforms that have been put forward by the ARENA party which among other things suggest that the Agency for Promotion of Exports and Investments of El Salvador (PROESA) be in charge of monitoring the administration of the law. The recently passed legislation "includes a new administrative institution: the Directorate of Public-Private Partnerships", reported Laprensagrafica.com.
According to FUSADES, during the period GDP grew by 1.4%, there was a slight increase of 5.6% in exports and the investment climate remained unfavorable.
The Salvadoran Foundation for Economic and Social Development (Fusades) has released its Situation Report for the first quarter of 2013, which also highlights the unsustainability of the fiscal situation.
On August 19 a seminar will be held oriented at food sector companies who are interested in developing their own franchise.
During the conference "Franchise your business", organized by the Salvadoran Foundation for Economic and Social Development (Fusades), topics will be covered such as "backgrounds and advantages, franchisable business developments, operational strategic plans, marketing, sales and setting up franchises," reports Elsalvador.com.
The event aimed at promoting innovation and the technological development of the food industry in El Salvador will be held on the 27th and 28th August.
From information published by the Salvadoran Foundation for Economic and Social Development (FUSADES):
The Ministry of Economy (MINEC) and the Proinnova Program run by the Salvadoran Foundation for Economic and Social Development (FUSADES) through the Sectoral Group "Invent Food and Beverages" will be holding on the 27th and 28th of August 2013 the event entitled the 2nd Food & Beverage Technology Summit 2013, which will be supported by the Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB).
El Salvador's public debt up to May 2013 totaled $13.429 billion, representing 53.8% of gross domestic product in the country.
Eleconomista.net reports that "As of May this year the public debt of El Salvador, as a proportion of gross domestic product (GDP) amounted to 53.8%, representing a total of $13.4294 billion. That means that for every dollar the Salvadoran economy produces, slightly more than half is debt. "
$500 million is the estimated amount that has not been invested due to bad business climate, poor image and lack of institutional credit, which frightens investors away.
These are the indications of the economist and former president of the Central Reserve Bank, Mauritius Choussy: "In four years, the amount lost adds up to $2 billion, which could have generated more than 150,000 jobs. Choussy made this calculation based on the idea that one job is generated for every $20,000 invested, approximately ", reported Elsalvador.com.
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