Although the Alvarado administration reversed the initial proposal to ask the IMF for $1.75 billion in financing and called for an inter-sectoral dialogue, Costa Rica is semi-paralyzed by the blockades that are taking place on various roads in the country.
At the end of June in Guatemala, credit to the private sector registered a 7% year-on-year growth, which is explained by the upturn in mortgage and consumer loans.
Figures published by representatives of the Banco de Guatemala specify that at the end of the first semester of the year, the total credit to the private sector reached $26.571 million, amount that is 6.9% higher than that reported a year ago.
During February, the country will receive an IMF mission to assess the agreement signed in 2010.
The president of the Central Bank of Honduras told the press that members expect 'good reviews' because they have been fulfilling the goals set by the Government.
"Indicators show that goals were reached, in some cases exceeded, such as international reserves," said Mondragon," Laprensa.hn reported.
In early December, the government will begin negotiations for a potential $300 million agreement.
The Finance Minister, Alfredo del Cid, said that “that agreement will set parameters to control the fiscal deficit, which will be 2.8 percent this year and between 3 percent and 3.2 percent in 2011".
Guatemala has requested to date four Stand-By agreements, from 1992 to 94, 2002 to 03, 2003 to 04 and the last from 2009 to 2010.
The IMF approved financing for an 18-month program for Honduras to support the country’s efforts to restore macroeconomic stability.
The Executive Board of the International Monetary Fund (IMF) approved financing for an 18-month program for Honduras in the amount of SDR 129.5 million (about US$201.8 million) to support the country’s efforts to restore macroeconomic stability and advance economic reforms consistent with Honduras’s poverty reduction and growth objectives.
The Executive Board of the International Monetary Fund (IMF) has concluded the first review of El Salvador’s performance under its 36-month Stand-by Arrangement.
he main objectives of El Salvador’s economic program under the arrangement are to bolster economic recovery, reduce poverty, preserve financial stability, and secure debt sustainability. The Stand-By Arrangement was approved on March 17, 2010 in the amount equivalent to SDR 513.9 million (about US$781 million). The Salvadoran authorities intend to continue treating the arrangement as precautionary.
The agreement, which expires in March 2012, will enable the country to get immediate access to funds worth $196 million.
An International Monetary Fund (IMF) staff mission was in Tegucigalpa between 7 and 10 September to continue discussions on an agreement between Honduras and the IMF to support the government's economic program. At the close, the mission's chief, Mr. Przemek Gajdeczka, issued the following statement:
On May, the board of the IMF could approve it and disburse $18 million, out of $35.6 pledged for 2010.
Antenor Rosales, president of the Central Bank of Nicaragua, stated that the Government successfully passed the fourth revision of its macroeconomic program with the International Monetary Fund (IMF), known as Extended Credit Facility (ECF).
Rosales explained he will soon sing the Letter of Intent, which describes the policies and actions that the government will assume with the IMF to reach a level of economic growth of 2% per year.
IMF approved a 36-month, US$790 million Stand-By Arrangement for El Salvador to help the country mitigate the adverse effects of the global crisis.
The new arrangement, which the authorities intend to treat as precautionary, will succeed the 15-month SBA approved on January 16, 2009.
The main objectives of El Salvador’s economic program are to speed up the economic recovery, reduce poverty, preserve financial stability, and secure debt sustainability. One of the immediate priorities is to support domestic demand through a countercyclical fiscal policy in 2010, which includes modernizing the country’s road network and bolstering electricity generation.
The board of directors of the IDB has decided to resume relations with Honduras.
In a few days, the Inter-American Development Bank will send a mission to Honduras, which could announce the portfolio of joint projects for 2010.
"Most multilateral financial institutions such as IDB, the World Bank and the IMF suspended relations with Honduras after the political crisis", reported Laprensagrafica.com.
From March 15 to 25, the International Monetary Fund (IMF), will evaluate the country’s economy in the wake of 2009’s political crisis.
After this assessment, the IMF may reach an agreement with the Government for a loan or some sort of cooperation, explained María Elena Mondragón, president of the Central Bank.
“The official remarked that a new agreement with the IMF would be in line with the Government Plan proposed by President Porfirio Lobo, with ‘coherent’ proposals”.
Should the country receive a positive grade, IMF would disburse $17.8 million out of the $35.6 million it has earmarked for Nicaragua in 2010.
Antenor Rosales, president of the Central Bank of Nicaragua, told local media that the International Monetary Fund will review the situation of the nation’s economy.
Rosales commented that this revision will include quantitative goals, energy rates, status of the Social Security Institute, a reform to the Central Bank law, budget reforms and the 2010 budget.
After the political agreement, the country hopes to restore international loans and cooperation estimated at $739 million.
The financial blockage was imposed by the United States, the European Union and Venezuela, together with financial institutions such as IMF, WB, IDB and CABEI, after the political events of June 28th.
Amílcar Bulnes, president of the Honduran Council for the Private Enterprise (Cohep), argued about the "need to not mix political conflicts with economic matters. Bulnes declared that, if so is decided, Honduras could remain a member of Petrocaribe. Its participation was suspended by Venezuela on June 28".