Guatemala and IMF Agree on Higher Fiscal Deficit

The Government and the IMF agreed on a fiscal deficit of up to 3.4% of the GDP in 2009.

Tuesday, August 18, 2009

An IMF mission visiting Guatemala that ended August 14th, remarked that "the global economic crisis had a negative impact on Guatemala and the region. A GDP drop of 0.4% is expected, with risk of dropping even further".

From Prensalibre.com: "Before the visit by the IMF, the government had committed with the entity to a deficit of no more than 2.8%, according to the last stand-by agreement, signed April 22".

More on this topic

IMF: Salvadoran Economy to Grow 2.5%

February 2012

"By 2012, economic growth is projected at 2-2.5 percent, supported by increased domestic investment."

From a press release from the International Monetary Fund (IMF):

A mission from the International Monetary Fund (IMF) visited San Salvador from 6th to 15th of February to begin discussions for the fourth revision of the Stand-By Agreement.

El Salvador has Fiscal Deficit of $900 million

January 2012

Natural disasters and other factors have influenced the situation in 2011; agreements with the IMF are to be reviewed.

Salvadoran state expenditures were $900 million more than the total revenues in 2011, according to preliminary estimates by the Ministry of Finance in December (MH), reported the online edition of La Prensa Grafica.

Fusades: El Salvador Could Lose the Stand-by Agreement

November 2011

Failure to meet macroeconomic goals set by the IMF for 2011 would jeopardize the precautionary facility that has been negotiated.

The Salvadoran Foundation for Economic and Social Development (Fusades) has recommended the Government on several occasions to adjust the budget and make a fiscal pact.

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."

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