Mon. Apr 22nd, 2019

BM expects to approve $ 200 million loan to boost Salvadoran economy

BM expects to approve $ 200 million loan to boost Salvadoran economy



Representatives of the World Bank (WB) in Central America hope that the board of the financial institution will approve a loan of 200 million dollars by mid-April for a project that seeks to boost the economy and generate jobs in El Salvador.

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The president of the Central American country, Salvador Sánchez Cerén, and the director of the WB for Central America, Seynabou Sakho, met on Wednesday to "refine" the details of the project, the government reported.

Also present at the meeting were WB representative in El Salvador, Óscar Valle, and Salvadoran Finance Minister Nelson Fuentes.

According to the Salvadoran Presidency, this project "would inject 200 million dollars in the municipalities to promote economic growth and the generation of employment at the local level".

The finance minister said, at the end of the meeting, that "the World Bank expects to have the loan approved by its board of directors by mid-April."

"This project, without any doubt, will give growth and employment benefit to local governments, always maintaining a criterion of having stable municipal finances," Fuentes said.

He added that the Government plans to submit this project to the Legislative Assembly by the end of April so that "it can be approved as soon as possible" so that "these resources can be made available to the municipalities."

Sánchez Cerén, who will leave the executive branch on June 1, took advantage of the meeting to thank for the "support the WB has given to the country by financing credits destined for areas such as human development, health and education."

For his part, Sakho congratulated the "efforts" of the Government to "keep public finances stable," according to the Salvadoran Presidency.

The economy of the Central American country registered a growth of gross domestic product (GDP) of 2.5% in 2018, compared to 2.3% in 2017, mainly due to the "dynamism" of construction, mining and quarrying , and of administrative services activities.

On the other hand, the Central Reserve Bank (BCR) reduced the country's economic growth forecast for 2019 from 2.6% to 2.4%, due to the "lower dynamism" of the US economy and family remittances. .

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