Guatemala owes contractors $160 million

Construction contractors in Guatemala are worried that they will not be able to finish infrastructure works they have agreed to build because of the large amounts of money the government owes them.

Wednesday, June 25, 2008

The contractor' association estimates that the government owes its members up to 1.2 billion quetzals (about 160 million dollars).
One of the biggest concerns is that the contractors won't have the funds to meet emergencies this winter; another is that they have had to lay off workers.
"I only have 14 workers of the 125 I hired at the start of the year," said one contractor.
One of their biggest worries is that the government may not have allocated enough funds to cover all of the projects they have contracted.

More on this topic

Increase in Honduras' External Debt

September 2013

In July 2013 foreign debt reached $5.5574 billion, $713.4 million more than what was owed in December 2012.

From a report on external debt of the public and private sectors published by the Central Bank of Honduras:

External debt of the public and private sector published July 2013.

Honduras Pays Construction Debts With Cement

September 2013

Plagued by serious liquidity problems, the government of Honduras is using cement as currency to pay off its debts.

Latribuna.hn reported that the president of the Honduran Chamber and Construction Industries (Chico), Alejandro Alvarez, revealed that "The government is using cement destined for social works to pay off debts held with some contractors and construction companies."

Guatemala to Issue Bonds to Pay For Floating Debt

June 2013

The issue that is planned to be made in July, will be used to settle accounts for $448.7 million which the government owes to builders.

"It's an important issue," said Alejandro Sinibaldi, head of the Ministry of Communications, Infrastructure and Housing (VIC), therefore, this month the initiative will be taken to Congress.

El Salvador: Public Debt Accelerates

July 2011

The speed with which debt is growing is threatening future ability to pay.

Between January and May alone, the country's debt grew at a rate of $6 million per day, which is setting off serious alarm bells, because if growth continues at this pace, the country could face difficulties in meeting obligations in the future.

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