The Bank's press release states that the main objectives of this loan are:
-To attend to fiscal and financial needs during a year of economic slowdown.
-To improve economic growth outlooks, increase fiscal spaces address public expense priorities, and contribute to improving the country’s governance and poverty reduction.
-To improve the efficiency and transparency of the public sector administration.
Laura Fringenti, The World Bank’s Director for Central America, said “This loan will support a series of key actions for fiscal and institutional reforms included in the Guatemalan Government Agenda that seek to increase economic growth benefits, especially towards the most vulnerable population, as well as strengthening measures to improve governance and transparency of public expenses.”
The World Bank funds were granted for the current fiscal year, from July 30 to June 2010.
"Panama is an important partner. We reiterate our support to its government's agenda and our commitment to analyze cooperation opportunities in the future" said Pamela Cox, World Bank Vice President for Latin America and the Caribbean, who met with Panamanian president Ricardo Martinelli and his Economy and Finance Minister, Alberto Vallarino.
The World Banks approved the new Strategic Alliance, which includes loans for up to $1 billion and the possibility of getting another $0.5 billion from the International Finance Corporation.
"This Strategic Alliance supports the efforts of Guatemala to fight poverty and inequality by increasing specific social spending and public investment and reforms that seek to expand fiscal space and improve governance and transparency," said Laura Frigenti, World Bank director for Central America.
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