The law authorizing the placement of US$600 million in sovereign bonds and the bill to amend the Electoral Law have become official with their publication in the press today. Law 01-03 establishes that the bonds will expire in a minimum of 10 years. The law also ordains that an account be opened in the Banco de Reservas for the handling of the related funds. Of the total amount of bonds to be issued, US$135 million generated by their sale will be used to reduce the government?s foreign debt. Another US$315 million will be used to reduce the government?s short-term. The remaining US$150 million will be used to increase the international reserves of the government.
Law 02-03 increases the number of judges on the Central Electoral Board and divides it into two chambers ? one to handle electoral disputes and the other for entirely devoted to administrative matters.
