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Weekly Report - 27 October 2016 (WR-16-42)
EL SALVADOR: Party political dispute holds up key fiscal pact
Growing international pressure is being applied to El Salvador amid a rancorous dispute between the government led by President Salvador Sánchez Cerén and the main opposition Alianza Republicana Nacionalista (Arena) over approval of a bond emission required to stave off default. On 21 October the secretary general of the Organization of American States (OAS), Luis Almagro, urged all sectors, especially Arena and the government, to “open a dialogue that leads promptly to a long-term solution to the fragile economic situation of the country”. A week earlier, the ratings agency Standard & Poor’s downgraded El Salvador’s credit rating; a delegation from the International Monetary Fund (IMF) has been in the country since last month trying to broker a deal.
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