S & P Downgrades El Salvador's DebtFriday, October 14, 2016 The ratings agency has reduced the rating for long-term sovereign debt from B + to B, arguing that political capacity to resolve the fiscal problem is shrinking. From a press release by Standard & Poor´s: Financial Sustainability of the State in GuatemalaThursday, October 2, 2014 "Net contributors are providing less and less taxes in relation to the services they receive, while net receivers are demanding more and more benefits compared to what they provide." Despite the relatively small size of government relative to the economy, a factor which some international analysts point to as a factor which undermines a country's development, "... Panama Issues Global Bonds for $750 millionTuesday, April 23, 2013 Bids were received worth $4.5 billion for the issue placed on the international market, due in the year 2053 with a fixed coupon of 4.30% per annum. From a press release issued by the Ministry of Economy and Finance (MEF) of Panama: Guatemala Issues $700 million at 4.6%Monday, May 2, 2016 The rate obtained is the lowest in history for a Eurobond Guatemala issue, and allowed the country to obtain significant savings, estimated at $20 million in annual interest expenses compared with current local rates. From a statement issued by the Ministry of Finance: Guatemala's Financial Present and FutureTuesday, July 22, 2014 A review of the fiscal outlook in Guatemala, the difficulties encountered and possible solutions for addressing these challenges. From the Introduction of the study by the Foundation for the Development of Guatemala (FUNDESA): Risk Perception and High Financial CostWednesday, January 16, 2019 The governments of Costa Rica and Nicaragua will face greater challenges in obtaining financing in external markets, because of the lowering of their risk ratings by international agencies. Arguing that Costa Rica reflects consistently large fiscal deficits, short-term financing needs because of a strong repayment schedule and budget financing constraints, Fitch Ratings reported on January 15 that the country's long-term foreign currency issuer default rating was downgraded from BB to B+. El Salvador could Issue $800 Million in Euro-bondsFriday, July 31, 2009 The objective would be to swap short term Treasury notes, which will expire soon. In May Congress approved a $1.800 million debt plan, which includes $800 million for facing the due date of short term debts, as well as $650 million for the expiration of foreign debt. Costa Rica Prepares New International Debt IssuanceThursday, March 27, 2014 The government is working on a bond issue in the international market for $1 billion, with terms of between 10 and 30 years. The bond issue was structured by the Bank of America, Merrill Lynch and Deutsche Bank according to information provided by Jordi Prat, Deputy Minister of Investment and Public Credit. El Salvador: Credit Cards and Construction excluded from Tax ReformThursday, July 17, 2014 Excluded from financial transactions which would incur tax under the fiscal reform are transactions made with credit cards and amendments will be made to the property tax which affects the construction sector. Meeting the demands of the construction industry is one of the modifications being contemplated in the reform of the text is to adjust the amounts of the 'floor' on property taxes, "... relative to luxury properties." Panama Issues $1.25 billion at 3.75% at 10 yearsThursday, March 12, 2015 The issue in the international market had demand of 4.6 times and was placed with a coupon of 3.75%, 178 basis points above US Treasury bond for the same timeframe. From a statement issued by the Government of Panama: Costa Rica Would not be Able to Handle a Financial CrisisFriday, April 6, 2018 The IMF believes that the financial stability framework is not well prepared to handle a potential systemic financial crisis without seriously compromising fiscal resources. In a review carried out late last year, the International Monetary Fund identified serious vulnerabilities in the pension sector, secondary markets and crisis management mechanisms and stated that they need to be taken care of immediately. IDB Provides Technical Assistance to El SalvadorFriday, November 12, 2010 The assistance will help identify possible investment patterns in public-private partnerships. As a way to revive the economy the Government is promoting investment in public-private partnerships. The president has asked the private sector to join him on this project. IMF to Open New Regional Technical Assistance CenterTuesday, March 31, 2009 The IMF will open in May 2009 in Guatemala City, its new Central America, Panama, and the Dominican Republic Technical Assistance Center (CAPTAC-DR). “CAPTAC-DR is an important component of the IMF’s far-reaching reforms that will enable the Fund to respond more effectively to the emerging challenges of the global economy,” said Murilo Portugal, Deputy Managing Director of the IMF. IMF to Open New Regional Technical Assistance CenterTuesday, March 31, 2009 The IMF will open in May 2009 in Guatemala City, its new Central America, Panama, and the Dominican Republic Technical Assistance Center (CAPTAC-DR). “CAPTAC-DR is an important component of the IMF’s far-reaching reforms that will enable the Fund to respond more effectively to the emerging challenges of the global economy,” said Murilo Portugal, Deputy Managing Director of the IMF. Guatemala: State Money Capture Will Increase RatesThursday, December 5, 2013 Warnings are being issued of a possible rise in the cost of credit if the government finances its spending with bonds issued in the local market. Elperiodico.com.gt reports: "If Congress authorizes for the next fiscal period the issuance of $1.282 billion in bonds to finance public spending, as the executive branch plans, credit to the private sector could be affected ... ". |
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