LATAM POLITICS TODAY-Venezuela seeks to reestablish military relations with Colombia

Reuters
·2 min read

* Bolsonaro unlikely to contest election, says top prosecutor

* Brazil's economy minister looking at rule to allow more spending

* Ecuador can still meet external debt obligations

Aug 9 (Reuters) - The latest in Latin American politics today:

Venezuela seeks to reestablish military relations with Colombia, says minister

CARACAS - Venezuela will seek to reestablish military ties with neighbor Colombia, the country's defense minister said on Tuesday, after years of tense relations between the two nations.

Venezuelan General Vladimir Padrino said he had received instructions from President Nicolas Maduro to contact Colombian Defense Minister Ivan Velasquez to "reestablish their military relations," according to the Venezuelan defense ministry's Twitter account.

Caracas broke off diplomatic relations in 2019. On July 28, Colombia's new government and Venezuela announced they would appoint ambassadors to the two countries' capitals and work to boost security along their shared border.

Brazil's top prosecutor plays down risk of contested election

BRASILIA - President Jair Bolsonaro is unlikely to contest the outcome of October's election, Brazil's top public prosecutor said on Tuesday, playing down fears among business leaders, diplomats and politicians about the president's anti-democratic rhetoric.

Prosecutor General Augusto Aras told journalists that a refusal to accept electoral defeat would be "an affront to democracy," but added: "I'm not worried about this happening. Brazilian institutions are committed to democracy."

Brazil Economy Ministry eyes debt rule to allow more spending, sources say

BRASILIA - Brazil's Economy Ministry is looking more closely at a fiscal rule to allow more spending if public debt levels are contained, according to ministry sources, as the government looks for ways to extend a more generous welfare program into 2023.

Three officials, who requested anonymity to discuss the confidential talks, said the treasury has been looking at using gross debt over gross domestic product as a medium-term fiscal anchor to allow more short-term fiscal maneuvering.

Reuters first reported that the ministry was looking into the new fiscal rule in December, and sources said the studies have taken on more urgency since Bolsonaro pledged to prolong an election-year boost in social spending.

Ecuador can still meet external debt obligations amid Luxembourg asset freeze -gov't

QUITO - Ecuador's capacity to meet its external debt obligations has not been affected by a Luxembourg court's decision to freeze the country's assets amid a dispute with oil company Perenco, its economy ministry said.

Ecuador has "promptly complied" with interest and amortization payments on bonds for $185.7 million, which were due on July 31, the ministry said in a statement.

The country will pay its debts to the French oil company, the economy ministry said, adding that the payment has been complicated because Perenco still owes tax in the Andean country. (Compiled by Steven Grattan; Editing by Josie Kao and Gerry Doyle)

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