BREAKING NEWS

El Salvador economy minister quits

By REUTERS

APRIL 28, 2012 03:41

MEXICO CITY - El Salvador's economy minister, Hector Dada, quit on Friday citing discrepancies with President Mauricio Funes over the economic direction of the tiny Central American nation.

El Salvador failed to meet some public spending goals in 2011, which led the International Monetary Fund to suspend a $750 million loan to the country this week.

The international agency said El Salvador's economic growth of 1.5 percent last year was lower than projected, while public spending and debt soared past expectations. The country's gross domestic product is seen rising between 2.0 percent and 2.5 percent this year.

Funes appointed deputy commerce and industry minister Armando Flores to succeed Dada.

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