BM Will Contribute $3 Billion to Central America

To address the economic crisis that affects the region, the World Bank will contribute $3 billion this year.

Friday, February 13, 2009 publishes in its website: "The Bank will contribute ´$3 billion for Central America´ as part of the contingency aid to address the effects of the crisis in these countries that are so dependent on trade with the United States,´ said Cox."

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Region Takes Measures Against Global Crisis

February 2012

Central America and the Dominican Republic have agreed together to ensure financial liquidity, create mechanisms for monitoring risk management and financial systems, as well as taking measures against the effects of the euro zone crisis and the weakness of U.S.

Carlos Acevedo, president of the Central Reserve Bank of El Salvador, told that "we are preparing a regional financial system and shielding mechanisms."

Fitch: The worse part of the crisis has still not arrived to El Salvador

February 2009

Fitch warns that credit restrictions will stop private investment and, with that, economic activity will decline. publishes in its website: "The executive director of the risk assessors, Fitch Ratings, Mauricio Choussy, calculated that the crisis will have a transfer delay of some three quarters from the United States to the Central American region, a forecast that was confirmed by the former minister of the Salvadorian Economy, Yolanda de Gavidia, ´I believe that El Salvador has not yet felt the worse part and my perception is that it is going to be in the upcoming second semester that we are going to feel it,´ she affirmed."

El Salvador will need more international loans

February 2009

No matter who wins the elections, the country will need to resort to international loans to face the crisis.

The Central American Institute of Fiscal Studies (Icefi), will elaborate an analysis of the consequences of the financial crisis in the region, focusing on 4 of the main ways for the crisis to spread: remittances, commerce, tourism and foreign direct investment.

Anticrisis plant presented in Costa Rica

January 2009

The Government of Costa Rica is putting emphasis on social spending and investment in public works as measures to deal with the contraction of the economy.

Labor flexibility, expansion of unemployment benefits, adjustment of rates for credit at state banks, the reduction of work hours, increase in pension benefits, are some of the measures announced in the "Plan Escudo" (Shield Plan).

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