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 opposition in the Assembly is calling for government approval of the bill on fiscal responsibility before approving the issuance of debt of $1.15 billion and a proposed tax package.
The lawmakers argued that there is a need to thoroughly scrutinize the text of the proposed reforms, as there is uncertainty over the destination the government will chose for the proceeds as well as strategies to revive the national economy in order for the state to ensures there is liquidity rather continuing to generate more debt for the country.
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