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Government seeks to expand debt quota

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Government seeks to expand debt quota

The Minister of Finance and Public Credit, Ricardo Bonilla González, announced the presentation of a bill before the Congress of the Republic, seeking to expand the country’s debt quota up to an amount of $17,607 million dollars.

According to Minister Ricardo Bonilla, the initiative, if approved by the Legislature, would allow the Government to amortize the debt with the fiscal periods of the years 2024, 2025 and 2026.

He also explained that, although one of the eight installments of the credit acquired for $5.4 billion dollars from the International Monetary Fund (IMF) in 2020 has already been paid, this payment does not free up space to manage the national debt.

The minister explained that the credit with the IMF does not qualify within the Government’s debt quota, which implies that, even if the corresponding payments are made, the debt margin available to the nation is not expanded.

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“When the loan was taken from the IMF for US$5,377 million, it was outside the debt quota; We have already paid the first of eight installments of US$622.2 million, but doing so does not expand the quota. In other words, it doesn’t leave us room to look at other options,” the official explained.

The bill seeks to solve this situation, allowing the Government to have additional debt margin to face the country’s financial needs in the medium term.

This proposal is expected to be debated and evaluated in the Congress of the Republic in the coming days.

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