The Legislature has approved a loan with the International Cooperation Agency of Japan to build an overpass in the city of San Miguel.
From a statement issued by the Legislative Assembly of El Salvador:
The Bypass of San Miguel will become a reality after the unanimous backing of the Legislative Assembly for the ratification of the loan agreement between the government of El Salvador and the International Cooperation Agency (JICA), for a total of $122.5 million . For the construction of this work, which is projected to be the most modern and secure in the region, the Salvadoran State will provide a counterpart of $36.8 million.
The draft law stipulates a maximum of $242 per movement and a cumulative amount up to $970 per month in transactions made via mobile devices.
The proposal by the Central Reserve Bank (BCR) seeks to "... regulate transactions through mobile devices. This financial service, to date, is only offered by Tigo Money for Tigo telephone customers."
Congress has unanimously endorsed the National General Budget for 2014 with an increase of $174 million compared to 2013.
From a press release issued by the Legislative Assembly of El Salvador:
The National Assembly has unanimously passed the General Budget of the Nation and the corresponding Wages Act for Fiscal Year 2014. The decision indicates that it be "primarily oriented towards social areas so that El Salvador can have a population that is healthy, educated and productive with skills and opportunities to fully develop their potential and become the social basis of national development ".
Authorities announced possible reforms to the rule that allows banks to freely determine interest rates, fees and surcharges.
In the context of recent research on the general rise in interest rates charged by banks, Antonio Echeverría, MP in the ruling Frente Farabundo Marti para la Liberacion Nacional (FMLN) party, said that "with new wording" of Article 64 of the Banking Act, interest rates could be lowered.
Salvadoran Congress has passed a law that will allow public institutions to form partnerships with private companies for infrastructure and public services projects.
From a press release issued by the Legislative Assembly of El Salvador:
In order to establish the regulatory framework for the development of projects for the provision of infrastructure and public services of general interest effectively and efficiently, the Legislative Assembly in Plenary approved with 84 votes in favor, the "Special Law on Public Private Partnerships"(PPP).
The main freight union of Central America has issued an ultimatum to the government of El Salvador to modify the collection of the new tax levied at customs offices.
Representatives of these unions which integrate the Central American Council of Transport have given a deadline of May 31 to amend this charge, otherwise on that date, if Congress has not amended the law which created the new tax, the truckers will go on strike for an undefined period causing heavy losses to Central American companies.