El Salvador Reactivates $800 Million IMF Agreement

A precautionary agreement signed by the previous administration in January has been reactivated.

Wednesday, September 2, 2009

This was announced by President Mauricio Funes, who remarked that even though the agreement had a validity of 6 months, it had been rendered ineffective by lack of compliance with the established conditions.

Capitales.com reports: "On that occasion, the administration of former president Antonio Saca established a 2.7% fiscal deficit, which could not be achieved because of the economic crisis".

More on this topic

IMF Review of Honduras in January 2012

February 2012

The International Monetary Fund has concluded a review of the Stand By Agreement, noting the central government’s failure to comply with its goals for the deficit.

A press release by the IMF states:

“A technical team from the International Monetary Fund (IMF) headed by Mr.

Honduras: International Reserves Dip 14%

January 2010

The Central Bank finished 2009 with $2.11 billion in reserves, 14% less than in 2008.

In 2009, the bank lost $343.7 million worth of reserves when compared to 2008. The current reserves cover 3.4 months of imports, slightly above the accepted minimum of 3 months.

"Sandra Martínez de Midence, Central Bank president, reported that this reduction can be explained by internal and external reasons, such as a reduction in remittances, the suspension of international aid and less exports", reported Elheraldo.hn.

$150 Million from IMF to Honduras

September 2009

The Central Bank of Honduras informed they increased their monetary reserves with these $150 million.

By providing this funds as special wire rights, the International Monetary Fund (IMF), becomes the first international entity recognizing Honduras interim government.

"The loan, in concession conditions, is part of the international support program by G-20 for developing economies.

$243 Million from IMF for Guatemala

September 2009

The Central Bank of Guatemala (Banguat) increased its international reserves with the approval of Special Wire Rights by the IMF.

Julio Suárez, vice president of the Banguat, said that "currently these funds are part of our international monetary reserves, and if the need arises, they can be used".

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