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The IMF will analyze the impact of the pension reform at the request of the Salvadoran Government

A delegation of the International Monetary Fund (IMF) will analyze, at the request of the Government of El Salvador, the "impact" that the recently approved pension reform has had on the finances of the country, informed today the Technical and Planning Secretary, Roberto Lorenzana.

San Salvador, Nov 27 (EFE) .- A delegation of the International Monetary Fund (IMF) will analyze, at the request of the Government of El Salvador, the "impact" that the recently approved pension reform has had in the public finances of the country, informed today the Technical and Planning Secretary, Roberto Lorenzana.

Lorenzana explained, during an interview on the state channel, that the The IMF committee will arrive this week in El Salvador, with the "objective of studying the effect that the pension reform has had on the country's fiscal deficit."

"We ask the Monetary Fund that made this visit to do an examination and evaluate the impacts that it has had in the fiscal area, the pension reform that was approved recently ", said the official.

Lorenzana added that the visit of representatives of this international organization will also serve to "establish a new baseline on what the country needs to future in terms of ordering public finances. "

On September 28, the Salvadoran Congress reformed the pension system to give financial relief to the Executive with the creation of a fund for the payment of retirees of the system abandoned in 1998 and extend the terms a debt of more than 5,000 million that they have with the Fund Administrators of Pensions.

Among the main changes to the pension system is the increase in the contribution, which goes from 13% to 15% of the workers' salary, which is It will be distributed in two different funds.

Last April, the Government fell into default on the debt with the AFPs due to the lack of agreements between the ruling party and the opposition to issue bonds and settle the payment, so the Congress had to later cut 56 million from the state budget.

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