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Billions of dollars in bonds for road works
posted on: Mar 4 2010 9:3 by Royston. Viewed 457 times.
The Finance Minister, Vicente Bengoa said today that the billions of dollars in bonds submitted to Congress by the executive will be used in construction projects throughout the country and acquired at a rate below 9 percent.
He assured that this new government borrowing will not create more taxes; on the contrary, the resources will help accelerate the national economy.
Bengoa spoke as he left a meeting with the Senate Finance Committee where they discussed the proposed bond issue, which also sought to expedite the approval process as soon as possible.
The official said the funds will be used for asphalt works on the roads and would not affect the external debt, which he estimated at less than 20 per cent of GDP.
He noted that the bond issue is covered in the national budget and in accord with the International Monetary Fund (IMF) agreements.
Attending the meeting were congressmen Tommy Galn, Dionis Snchez, Francis Vargas, Ren Canan and Amlcar Romero.
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