IMF approved a 36-month, US$790 million Stand-By Arrangement for El Salvador to help the country mitigate the adverse effects of the global crisis.
The new arrangement, which the authorities intend to treat as precautionary, will succeed the 15-month SBA approved on January 16, 2009.
The main objectives of El Salvador’s economic program are to speed up the economic recovery, reduce poverty, preserve financial stability, and secure debt sustainability. One of the immediate priorities is to support domestic demand through a countercyclical fiscal policy in 2010, which includes modernizing the country’s road network and bolstering electricity generation.
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