Saturday, November 27, 2021

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Financing for irregular settlements proposed in Uruguay

Financing for irregular settlements proposed in Uruguay

Montevideo, Sep 17 (Press) The 'Cabildo Abierto' (Open Lobby) party proposed today an alternative source of international financing to solve the problem of suburban irregular settlements in Uruguay without depriving the National Colonization Institute (INC) of resources.
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At the end of a meeting of the CA Political Board, its leader and senator, Guido Manini, outlined that it consists of ‘taking advantage or using the Special Drawing Rights (SDR) that the International Monetary Fund (IMF) granted the country a month ago.

He stated that the nearly 585 million dollars received from the IMF would be used to ‘withdraw bond issues from the market’, thereby generating savings in ‘interest payments’, and according to his calculations it would imply an estimated 40 million dollars annually to allocate to the home trust.

The refusal to withdraw funds from the INC to standardize settlements was not appreciated by President Luis Lacalle, who told the Senate yesterday to vote for this source of financing or there will be no other.

Manini later argued that his proposal is an element absent at the time of presenting the Executive’s Accountability, which must be considered.

Legislators from ‘Frente Amplio’ (Broad Front) and lobbyists critically described the government’s instructions to withdraw 30 million dollars from the INC as ‘Rob Peter to pay Paul’.

pgh/lcr

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