LatinNews Daily - 16 November 2022

In brief: El Salvador’s legislature approves new debt

* El Salvador’s legislature has greenlighted new debt and a US$106m loan from the Inter-American Development Bank (IDB) to develop coastal tourism. The media is reporting that the legislature, which is controlled by President Nayib Bukele’s Nuevas Ideas (NI), has authorised the government to seek US$436m through loans or issuing bonds in order to repay debts this year. International institutions such as credit ratings agency Fitch have raised concerns regarding El Salvador’s fiscal situation. In September Fitch downgraded El Salvador, warning the country’s “tight fiscal and external liquidity positions and extremely constrained market access amid high fiscal financing needs and a large US$800m external bond maturity in January 2023 make default of some sort probable”.

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