Caribbean & Central America - January 2005

Congress finally approved the budget for 2005 on 27 January. The budget was struck at US$2.99bn. This was US$198m up on the 2004 budget. The government managed to persuade congress that the opposition Frente Farabundo Martí­ de Liberación Nacional's call for no borrowing was flawed. Congress approved borrowing of US$541m. The FMLN claimed that the government was not borrowing for investment, which would be justifiable, but to meet current spending. The FMLN pointed out that the interest bill for 2005 is estimated to be US$587m.

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