Colom orders Guatemalan budget cut of $266 million

The Guatemalan president, Álvaro Colom, announced a $266 million budget cut as legislators refused to authorize loans and boosted spending.

The cuts will affect, justice, security and institutions such as the development councils, as well as the country’s leading university.

The finance secretary, Rolando del Cid, said that the reduction will not be the only one. The budget deficit stands at $575 million, he added.

Original source (in Spanish): Notimex