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Weekly Report - 07 May 2020 (WR-20-18)

TRACKING TRENDS

EL SALVADOR | Economic package approved. The majority of El Salvador’s opposition parties in the legislative assembly set aside serious differences with President Nayib Bukele on 5 May to approve an economic reactivation plan tabled by Nelson Fuentes, the finance minister. Fuentes presented the plan, which calls for the issuance of US$1bn of debt to mitigate the impact of the coronavirus (Covid-19) pandemic, on 24 April. Some US$360m of this will be made available in the form of loans to businesses unable to operate under the country’s full lockdown. A further US$140m will go towards a programme of subsidies for micro, small, and medium sized enterprises (MSMEs) to help meet employee wages; and US$100m to support the informal sector. The remaining US$400m will be used to bolster the budget.

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