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New El Salvador Government Faces Huge Debt
San Salvador - The new government of El
Salvador will begin its mandate on June 1st
facing a budgetary deficit close to 500
million dollars, asserted economist and
presidential advisor Alexander Segovia.
In a
television interview Wednesday, the
collaborator of Salvadoran President-elect
Mauricio Funes said that the estimate is
derived from fiscal information made
available during the current governmental
transfer process.
International financial organizations made
similar appraisals, calculating that the
outgoing administration of Antonio Saca will
leave Mauricio Funes a deficit of 470
million dollars.
The Salvadoran press reports that Saca
admits the lack of resources but considers
the problem is not the deficit, but the
reduction of tax revenue and family
remittances.
A drastic decline in tax revenues was
announced at the beginning of this year,
with concomitant negative impact on average
national expenses and plans of public
investment.
According to internal analysts, Funes will
either obtain foreign credit or adjust
expenses to perhaps be able to begin 2010
with less unfavorable conditions. |
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