Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-la-ley-de-presupuesto-en-la-parte-que-corresponde-al-ramo-de-hacienda-para-incorporar-16-454-100-2/archivo_documento_legislativo
DECREE No. 545 THE LEGISLATURE OF THE REPUBLIC OF EL SALVADOR, CONSIDERING
I.- by Legislative Decree No. 164, dated October 18, 2012 published in the Official Gazette No. 196, Volume No. 397, 19 of the same year, it authorized the Executive Branch in the Field of Finance to issue securities up to the amount of EIGHT MILLION DOLLARS oF tHE UNITED STATES oF AMERICA (US $ 800,000,000), with the purpose of covering with priority over any destination, demand for early redemption (right of the holder to exercise the put) that provides for the issuance of Eurobonds of El Salvador, maturing in 2023; Securities that were placed in the International Market in December 2012 and the proceeds of sale was placed in the special account opened at the Central Reserve Bank of El Salvador to that effect on 5 December of the same year.
II.- That pursuant to the provisions of the Arts. 5, literal i) to iii) and 6 of Legislative Decree mentioned above, the Legislature has approved several decrees, by which reformed the Budget Law in force, to include unused funds from the placement of the Securities, to different destinations to those determined in the decree.
III.- That to date, there is an available balance amounting to SIXTEEN MILLION FOUR HUNDRED THOUSAND FOUR HUNDRED FIFTY DOLLARS OF THE UNITED STATES OF AMERICA (US $ 16,454,100); at the same time, there is the need for priority and inescapable to address the shortfall in budget allocations for payment of service corresponding to the last imestre tr of fiscal year 2013 Public Debt character, which is due to variability that has occurred in international interest rates during the year, and the increase in the amount of principal owed, which has generated an increase in estimates of the commitments of the external public debt were included in the Act budget 2013 and have no budget coverage.
IV.- That in order to fulfill commitments in the payment of public debt service, it is necessary to redirect the fate of the balance referred to above, in order to incorporate in Section II Revenue Act Budget force, approved by Legislative Decree No.. 182 dated November 8, 2012, published in the Official Gazette No. 228, Volume No. 397, of December 5 of that year, the amount of SIXTEEN MILLION FOUR HUNDRED AND FIFTY-FOUR THOUSAND ONE HUNDRED DOLLARS OF THE UNITED STATES OF AMERICA ( US $ 16,454,100); and in Section III-costs, increases in the share of Bouquet of Finance in the Budget Unit 23 Service External Public Debt, Line Working 01 Interests External Debt, with the same amount, increased turn with that | || 2
value, the detail Commitments External Public Debt.
in exercise of its constitutional powers and initiative of the President of the Republic, through the Minister of Finance, DECREES
Art. 1.-In the current Budget Law, Section -A STATE BUDGET, the following modifications are made:
A) In Section II - INCOME, Item 31 Public Debt, Account 312 Placements in Securities Market external increméntase the specific source 31201 bonds, with the value of US $ 16,454,100.
B) In Section III - EXPENSES in the share Bouquet of Finance, Literal B. Resource Allocation, paragraph 4. Budget Allocation Heading Grouping, Source of Funding and Economic Destination and Literal D. Detail commitments Scheduled Service Public Debt, the allocation indicated, with the amount detailed below and increases:
0700 - BOUQUET oF FINANCE
4. Budget Allocation by Category Grouping, Source of financing and economic destiny.
Budget Unit and Budget Line Encryption Working
55 Financial Expenses and Other Expenses Corrientes 23
External Public Debt Interest 2013-0700-5-23-01-21-1 General Fund
Foreign debt 16,454,100 16,454,100 16,454,100
Total 16,454,100 16,454,100 16,454,100 D
. Detail of Commitments Scheduled Service Public Debt.
2. Commitments detail External Public Debt.
Reference Interest Total 165 16,454,100 16,454,100 Eurobonds Total 16,454,100 16,454,100
Art. 2. This Decree shall enter into force from the day of its publication in the Official Journal.
GIVEN IN THE BLUE ROOM OF THE LEGISLATIVE PALACE: San Salvador, on the fourteenth day of November in the year two thousand and thirteen.
OTHON Sigfrido Reyes Morales, president.
LUIS VALDEZ ENRIQUE ALBERTO SOTO, GUILLERMO ANTONIO NAVARRETE GALLEGOS, FIRST VICE. SECOND VICE PRESIDENT.
MERINO JOSE FRANCISCO LOPEZ, FRANCISCO ROBERTO DURAN LORENZANA, THIRD VICE. FOURTH VICE.
CARLOS ARMANDO REYES RAMOS, FIFTH VICE.
PEÑA LORENA GUADALUPE MENDOZA, MENJIVAR VICENTE MANUEL ESQUIVEL, First Secretary. Second Secretary.
SALGADO SANDRA MARLENE GARCIA, JOSE RAFAEL MACHUCA Zelaya, Third Secretary. Fourth secretary.
IRMA VASQUEZ PALACIOS LOURDES, ERNESTO ANTONIO ANGULO MILE, QUINTA Secretariat. SIXTH SECRETARY. JOSE FRANCISCO
ZABLAH SAFIE, ORANTES SERAFIN JOSE RODRIGUEZ, seventh Secretary. EIGHTH SECRETARY.
PRESIDENTIAL HOUSE: San Salvador, on the nineteenth day of November in the year two thousand and thirteen.
Published, Carlos Mauricio Funes Cartagena
, President of the Republic.
Juan Ramon Caceres Carlos Enrique Chavez, Minister of Finance.
Tomo OJ No. 217 No. 401 Date: November 20, 2013
FNM / geg 12/16/2013
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