Debt ceiling could go up due to the refinery

The Government assesses raising the 40% legal limit of public debt in relation to the GDP, in case the financing of the Pacific Refinery is a reality. Minister of Strategic Sectors Rafael Poveda indicated that the project, which expects to process 300,000 barrels, will require a funding amount of USD 13 000 million, which is being negotiated with banks of China and South Korea, and which is expected to be obtained this year.

“If this amount is established as a public debt of the state, of course, we will have to meet the requirements of the law (…) and can authorize an increase in the 40 debt limit could be authorized,” Poveda  said.

Source: http://www.elcomercio.com/actualidad/deuda-refineria-pacifico-rafaelpoveda-economia.html