Mexico’s export-financing bank Banco Nacional de Comercio Exterior (Bancomext) has recouped $35 million of a $400 debt owed to Mexico by Cuba. The money has been recouped from escrow accounts held in Italy by BanCuba. Mexico applied to the Italian courts to recover the money owing to it after Cuba suspended all debt payments in October 2002. Bancomext is continuing to explore other legal avenues to recover the rest of the debt.
Category: Regions
Posted inDaily Brief
Calderon Pulls Away
Felipe Calderon of the ruling National Action Party, who took the lead in the presidential polls from former Mexico City mayor Andres Lopez Obrador for the first time last week, has pulled further away from his rival. According to the most recent poll carried out by local newspaper Reforma, the former energy minister can now count on 40% of the vote in Mexico’s July 2 presidential elections. This compares with 38% polled a week ago. Meantime, Obrador’s share of the vote fell from 35% to 33% for the same period.
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Foreign OilCos Criticize Bolivia’s Move
Repsol and Petrobras, the two largest foreign oil and gas companies operating in Bolivia have criticized Monday’s announcement by President Evo Morales of Decree 28701 which gives total control over the country’s energy resources to the Bolivian government. Brazilian Petrobras described the move as “unfriendly”, while Spanish-Argentine Repsol-YPF called it “unfair.” However, despite the draconian measures which give Bolivian state-owned oil company YPBF control of all holdings and up to 82% of production in some gas fields, analysts don’t believe the changes will have too much impact on the large international players.
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Panama Public Debt Passes $10 Billion
Panama’s public debt reached $10.6 billion as at the end of March, a rise of 5.8% year on year, according to the country’s ministry of economy and finance. The increase in the debt is a result of the country’s continuing deficit, a government spokesperson explained. Meantime, Panama’s public external debt rose to $7.9 billion.
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Ortega Promises Nicaragua Development Bank
Nicaragua’s opposition leader and presidential candidate in November’s elections, Daniel Ortega, has promised the country a development bank which he says will be supported by Venezuela’s president, Hugo Chávez. The bank would help fund small and medium-sized businesses as well as agricultural producers.
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Colombia’s External Debt Drops
Colombia’s external debt as a percentage of GDP fell to 28.5% in January, down from 32.1% for the same period in 2005. Total external debt reached $38.6 billion, of which $24.2 billion was public debt and $14.4 billion private debt. The government attributes the fall to GDP growth as well as debt replacement.
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Morales Nationalizes Bolivia’s Oil And Gas Fields
In a move long-awaited by many Bolivians, President Evo Morales yesterday, Monday, nationalized the country’s natural resources. In a May Day speech, Bolivia’s president told foreign oil and gas companies they had six months – a transition period – to renegotiate their contracts with the state. The companies would receive 18% of revenues during this period, he said. The move will have a huge impact on the country’s two largest foreign investors – Spain’s Repsol YPF and Brazil’s Petrobras.
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Guatemala And Nicaragua Adopt “Summer Time”
For the first time ever, Guatemala and Nicaragua have adopted “Summer Time” – pushing forward the time by one hour – in order to save energy costs. Both countries put their clocks forward by an hour on Sunday, midnight. They will remain at GMT-5 until September 30. Guatemala estimates the change will save around 4% in energy consumption.
Posted inDaily Brief
Bolivia’s Public Debt Hinders Wage Rise
Bolivia’s public debt of $320 million has scuppered government hopes to raise the minimum wage by 50% from its current level of $54.5 per month. Last month President Evo Morales spoke of his desire to increase it by 100% but he has found his hands tied by the government’s empty coffers.