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International News: El Salvador says it has $560 million for partial debt buyback

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Posted: Thursday, July 28, 2022. 9:45 am CST.

By Zoila Palma Gonzalez: The Salvadoran Government plans to use $560 million in funds for a surprise bond buyback, Reuters report.

On Wednesday, the Finance Minister of the Central American nation spoke about the plan for the voluntary bond repurchase.

President Nayib Bukele announced that the buyback will be supported by funds allocated last year by the International Monetary Fund and a loan from a Central American multilateral lender.

In 2021, Bukele pushed for the country’s adoption of Bitcoin as a legal tender alongside the U.S. dollar and is facing pressure to demonstrate healthy finances as El Salvador’s options dwindle ahead of an $800 million bond maturity early next year.

And, Finance Minister Alejandro Zelaya said that the $560 million the country has available could be used to buy some but not all 2023 and 2025 sovereign bonds, whose maturities total some $1.6 billion.

Despite high inflation, this is a move by Bukele’s administration to demonstrate sound finances.

“We are not going to buy the total debt. If we buy it, we will also buy it at a discount. And we’re not going to spend more than we have in the bank,” Zelaya said.

 

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