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News > El Salvador

El Salvador’s President Announces New National Debt Repurchase

  • The President of El Salvador officially launched before the international markets, the second offer to repurchase the country's foreign debt. Nov. 29, 2022.

    The President of El Salvador officially launched before the international markets, the second offer to repurchase the country's foreign debt. Nov. 29, 2022. | Photo: Twitter/@DaniaGonzalz

Published 29 November 2022 (23 hours 44 minutes ago)
Opinion

President of El Salvador, Nayib Bukele, launched a second repurchase of the national debt this Tuesday.

A first operation was carried out in September, of which "46 million dollars were left pending repurchase." According to the Government, 275 million dollars were saved for the public coffers on that occasion.

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El Salvador's President said on his official Twitter account, "As promised, today we launched the offer to purchase our remaining external debt maturing between 2023 and 2025."

According to the president, all bondholders can access this voluntary repurchase. Last time, there were 46 million dollars left on offer."

The intention to repurchase the country's debt was announced by Bukele last September. El Salvador has already repurchased sovereign debt for some 565 million dollars, maturing between 2023 and 2025.

Bukele's administration is trying to avoid defaulting on El Salvador's 800 million dollar debt. According to the President, for the repurchase, he has 360 million dollars from the Special Drawing Rights (SDR) granted by the International Monetary Fund (IMF) to its member countries to act during the COVID-19 pandemic.

In addition, there are pending disbursements from the Inter-American Development Bank (IDB) and the Central American Bank for Economic Integration (CABEI), as well as a loan from the Development Bank of Latin America (CAF).

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