FMI grants $800 million to El Salvador

The directory of the IMF approved a 14 month "stand-by" credit line, that will allow the country to tap $800 million.

Monday, January 19, 2009

Laprensagrafica.com reports: "'These substantial IMF funds will increment the liquidity reserves of the economy and will contribute to strengthen the trust in El Salvador's financial system.', stated Murilo Portugal, sub Manager and acting president of the the Directory."

More on this topic

IMF Executive Board Approves First Review Under Costa Rica’s Stand-By Arrangement

September 2009

The IMF completed the first review of Costa Rica’s economic performance under the 15-month Stand-By Arrangement.

Completion of the review makes an additional SDR 41.025 million (about US$65 million) available for disbursement, bringing the total resources available to Costa Rica under the arrangement to SDR369.2 million (about US$585 million).

$60 Million for Micro Financing Companies in Nicaragua

August 2009

BCIE assured it will disburse the funds as credits for the financial sector during 2009, specially for micro financing companies.

"All of our customers will keep on relying on the resources" commented Edda Meléndez, Country Manager at the Central American Economic Integration Bank (BCIE).

$800 million for El Salvador according to the IMF

December 2008

The objectives of the Government and the IMF, with the approval of this credit, is to provide confidence for investors and to back up the country's financial system.

According to the regional IMF representative, this credit is only "precautionary" and authorities in the country do not intent to use it, "this is about trying to provide a sign of confidence for investors," he added.

IMF opens short term lines of credit

October 2008

The International Monetary Fund (IMF) will direct the resources to those economies suffering the most at finding financing.

The IMF announced yesterday its decision to increase its efforts to support those countries affected by the crisis, and is considering advancing liquidity for short periods, but on the condition that proper administration be of said funds be carried out.

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