Friday 24 September 2021

Government of El Salvador Has Run Out of Money

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About half of all Salvadorans live in the countryside. They are poor and don’t have electricity or running water in their homes.
About half of all Salvadorans live in the countryside. They are poor and don’t have electricity or running water in their homes.

Q24N – A state of emergency has been declared and pressure has been put on the Assembly to approve borrowing in the order of US$1.2 billion in order to honor short-term debts.

President Sanchez Ceren announced as a first step a declaratory emergency, so that before the close of 2016 they can ‘attend to, discuss and build the best agreements that will provide the relevant results’ on issues such as approval of bonds for $1.2 billion. With that amount the government hopes to deal with the illiquidity and respond to the state’s short – term commitments.

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A statement by the Presidency notes that “… the government is willing to agree to approve the Fiscal Responsibility Law together with all political forces.’The tax package which we will agree, must include a vision that promotes economic growth in the medium and long term’.

He said that ‘the best tax measure for the coming years is to grow the economy and productivity in order to generate more and better jobs, as well as to continue the fight against tax evasion and avoidance’.

In this regard, he announced, as part of this package, a second line of the actions which seek to stimulate economic growth, productivity and employment.

“With urgency we will move forward in the process of simplification of procedures and promoting a better business climate in order to seize opportunities for both domestic and international investment.”

‘We will promote the implementation of Public – Private Partnerships, which encourage short and medium term domestic investment, employment and foreign investment’.

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Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

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