Guatemala to seek $185 million from the World Bank

The Government is expected to request two lines of credit from the World Bank for a total of $185 million to be used in case financial emergencies and natural disasters.

Tuesday, October 21, 2008

"Two possibility for two types of lines of credit were presented to the World Bank, one is being process with only a few more steps required, but it is not a loan," the Minister of Finance commented, Juan Alberto Fuentes Knight.
Lines of credit work like authorized overdrafts, that will not generate more expenses for the country unless they are used and term and interest rate are negotiated.

More on this topic

Panama: $100 million for Natural Disaster Management

October 2011

An IDB loan will support a new framework for reducing vulnerability to natural disasters and climate change.

A press release of Inter-American Development Bank (IDB) reads:

Panama will strengthen its risk management with the help of a U.S. $ 100 million Inter-American Development Bank (IDB) loan.

Guatemala expects 73% reduction in lines of credit

January 2009

According to projections for 2009 by Banguat, lines of credit from abroad could fall to $50 million.

Sigloxxi.com reports on its webpage: "The Central Bank indicates that in 2008 correspondent banks made $188.2 million (Q1,411.5 million) available to the national banking system, however this year it could be only $50.0 million (Q375.0 million), a reduction of 73.6%.

No Latin American country will be saved from crisis

October 2008

The financial crisis will affect all Latin American countries, despite the fact that they are better position than in the past to withstand it, said Juan Jose Daboub, general director of the World Bank.

Daboub, ex minister of Economy for El Salvador, will be in Panama next week and in his country of origin, where he will participate in the Ibero-American Summit.

Hard economic times may just be starting

October 2008

The finantial crisis in USA will especially hurt Mexico and Central America, whose economies are closely tied to the U.S. market.

Don't be fooled by the universal sigh of relief that was heard Friday when the U.S. Congress approved a $700 billion package to rescue the U.S. banking system.

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