El Salvador: $33 Million Approved for Pensions

The Ministry of Finance will have to obtain the remaining $47 million to pay, on July 8, the Provisional Investment Certificates and thus avoid falling into default again.

Friday, June 23, 2017

From a statement issued by the Legislature:

The Legislative Assembly approved, with 76 votes, a reform to the Budget Law to reorient $33,064,904.00, for the purpose of providing the necessary resources to urgently meet the payment of obligations generated by the Trusteeship of Social Security Obligations (FOP by its initials in Spanish), money which will be destined for financing the Public Pension System Amortization Fund.

According to the approved decree, of the resources to be incorporated, $15, 564,904.00 will come from a remittance that the Autonomous Port Executive Commission (CEPA) will make to the General Fund of the Nation in the form of payment of debts with the Ministry of Finance, and in terms of tax remuneration; on the other hand, $17,500,000 will come from 90% of the payment of concession of services other than those of sound and television broadcasting carried out by the Superintendency of Electricity and Telecommunications (SIGET).

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