$800 million for El Salvador according to the IMF

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.

Tuesday, December 23, 2008

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.

More on this topic

IMF Grants $950 Million Credit Line to Guatemala

March 2009

The 16-month line of credit will strengthen the country’s international position and monetary reserves.

Gabriel Lopetegui of the IMF said that "it is a precautionary agreement that is not expected to be used, but it is there to serve as a shield for the country."

An article in elPeriódico of Guatemala indicated that the funds could be used to "address balance of payments issues such as capital flight, devaluation or a sharp drop in foreign exchange earnings."

FMI grants $800 million to El Salvador

January 2009

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

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."

Salvadoran Government and IMF analyze line of credit

November 2008

The Government is talking of the possibility of getting an emergency line of credit for $1 billion, however the IMF is cautious and has not released the amount it is studying.

Yesterday, Alfred Schipke, the resident regional representative of the IMF, confirmed that they are jointly studying the feasibility of a preventive stand up, an emergency loan that will not necessarily be used immediately.

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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