LatinNews Daily - 10 August 2022

In brief: El Salvador approves US$200m loan for bond buybacks

* El Salvador’s national assembly has voted to approve a US$200m loan from the Central American development bank (BCIE), which Finance Minister Alejandro Zelaya said will be use to repurchase sovereign bonds expiring in 2023 and 2025. The loan was approved with the votes of 63 of the 84 deputies in the legislature, which is dominated by President Nayib Bukele’s Nuevas Ideas (NI) party. The move comes amid mounting concerns that El Salvador may be headed for a default, with the country facing an US$800m eurobond repayment in early 2023 and a further US$800m repayment in 2025.

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