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Guatemala's finance minister urges congress to approve $250M World Bank loan

Guatemalan Finance Minister Julio Héctor Estrada has asked the country's congress to approve a World Bank loan worth $250 million, equivalent to about 1.85 billion quetzales, to aid with the emergency situation following the June 3 eruption of the Fuego volcano, Prensa Libre reported.

The loan, which was earmarked by the World Bank for public spending, will partially be used to expand Guatemala's emergency budget by 582.5 million quetzales, Estrada said.

The loan could be dropped if congress fails to approve it before June 15, according to Homa-Zahra Fotouhi, the World Bank's representative to Guatemala. The deadline for the approval was moved this month from Aug. 9 due to administrative procedures to legalize it, Fotouhi said.

The World Bank cannot grant another extension for the loan, Fotouhi said, adding that the previous extension was due to the progress of the loan's discussion in the first legislative reading. To be approved, the loan must undergo two more readings.

Fuego's eruption has left 110 people dead and about 200 more missing, Reuters reported.

As of June 11, US$1 was equivalent to 7.34 Guatemalan quetzales.