A Sovereign Fund for Guatemala

In order to accommodate the financing of major infrastructure projects, the government is proposing the creation of a fund made from oil and mining royalties, and contributions from state enterprises.

Thursday, July 5, 2012

According to Ricardo Barrientos, the former deputy minister of Finance in the previous administration, "The idea is good but it needs more discussion."

"It is proposed that the fund, which would be non-revolving (money does not return, is used only once), would increase with an annual contribution from the state and funds coming from its involvement in public or private businesses or those that provide public services or exploit natural resources, and funds from privatization or concession of state services", published Elperiodico.com.gt.

At the moment the proposal does not contain the amount of the fund, "A study has to be conducted of all mineral resources, oil and rivers, among other things, in order to able to establish an amount", added the Minister of Finance Pavel Centeno.

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