Government of El Salvador should renegotiate debt

As the terms grow shorter, the World Banks has doubts about how the country will pay its debt of more than $600 million in Eurobonos.

Friday, September 12, 2008

The payment of this debt is due in 2011, and according to Humberto Lopez, Chief Economist for Central America at the World Bank, El Salvador should try to solve the problem.
The economic expert agrees that the challenge for the next government will be to try to raise tax income at least "half a point or a full point if possible" by fighting tax evasion and making the system more efficient.

More on this topic

A Public Debt Law For Guatemala

September 2013

In order to maintain a deficit reasonable and economically sound development in the next few years policies on borrowing are needed.

This was the recommendation of the president of the Bank of Guatemala, Edgar Barquín, in an interview with Joel Maldonado from "...

Nicaragua's External Debt is Sustainable

March 2012

Economic studies indicate that a condition of this is that this key indicator should not exceed 34% of GDP until 2015.

A study from the Nicaraguan Foundation for Economic and Social Development (Fundes) estimates that the country's foreign debt - $4.033 billion in 2011 - will be sustainable if it remains at a value of about 34% of GDP until 2015 and as long as the government doesn’t take on any further commitments with other economic agencies.

Salvadoran Congress authorizes negotiations for lines of credit

November 2008

Congress authorized the Government to sign two lines of credit with international banks for $950 million.

These funds will be used to pay for the refinancing of Eurobonds which expire in 2011 and for social projects.

The authorizations, which passed with 74 votes in favor, allows the Government to get $500 million from the IDB and $450 million from the World Bank, of which $650 million will be used to pay for the Eurobonds and the remaining $300 million for social programs.

El Salvador: Debt refinancing project presented

October 2008

The Ministry of Finance will present two law projects to Congress in order to obtain $950 million in creidt to refinance the debt.

If approved, the first loan would be from the Inter-American Development Bank (IDB), for a total of $500 million; the second would be from the World Bank for a total of $450 million.

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