Revision of debt to generators

[NewsWhore]

President Leonel Fernandez has met with his economic team to discuss the arrears with the electricity generators. The debt stands at around US$400 million. Finance Minister Vicente Bengoa told El Nuevo Diario reporters that the team had met with State Electricity Corporation (CDEEE) executive vice president Celso Marranzini and tried to document the debt, since this was part of the Stand-by arrangement with the International Monetary Fund (IMF). He said that because of the increased price of oil, the government would discuss with the IMF readjusting the money that was destined as a subsidy to the electric sector. He said, "this is important, because if oil is increasing in price, then the money that was allocated to the electricity sector is going to be insufficient and therefore we have to do something about this."

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