IMF Concludes Review of Honduras

"The performance of public finances until September was in line with the program negotiated with the government," concluded the IMF mission.

Monday, December 6, 2010

An IMF team held meetings with the economic cabinet, other policymakers and private sector representatives from November 29 until December 3. The team reviewed the short-term economic prospects and macroeconomic projections are now focusing on implementing the government's fiscal program. The IMF team thanks the authorities for their excellent cooperation and productive dialogue.

"The evolution of economic variables has been broadly in line with program projections approved by the IMF Board on October first."

The team noted that successful implementation of programs is especially dependent on sustained efforts to strengthen tax collection, contain current expenditure and improve efficiency and financial performance of major state enterprises. The team supported recent measures to control liquidity, strengthen the banking system and reform public pension funds. The team also supported continuous monitoring of developments in the financial sector and recommended that authorities refrain from actions which may distort economic activity, affect confidence and prevent economic recovery.

The government's economic program for 2010-11 is supported by a combination of financial assistance of about U.S. $ 202 million through two credit loans by the IMF Stand-By Agreement (SBA) and Standby Credit Facility (SCF).

The next visit of the IMF team is scheduled for February, when performance will be evaluated until the end of December and will become the first review under such program.

More on this topic

IMF Completes Honduras Review

March 2011

The mission established that performance criteria was broadly met and significant progress was made on structural reforms.

The mission noted that all quantitative performance criteria for December 2010 were observed with ample margins, and that there have been significant advances in structural reforms.

Salvadoran Authorities and IMF Mission Reach Agreement

February 2011

IMF Mission and Salvadoran Authorities Reach Agreement on an Economic Program for 2011 in the Context of the Stand-By Arrangement

Press Release No. 11/41
February 11, 2011
Mario Garza, mission chief of the International Monetary Fund (IMF) to El Salvador, issued the following statement today in San Salvador:

IMF Concludes First Review of El Salvador’s Stand-By Arrangement

September 2010

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.

El Salvador and the IMF

May 2009

"El Salvador’s financial system has weathered well the aftershocks of the global financial crisis and the uncertainties surrounding the elections, and remains liquid and well-capitalized."

A mission from the International Monetary Fund (IMF), headed by Alfred Schipke, visited San Salvador during May 18-27 to initiate discussions for the first review under the US$800 million precautionary Stand-By Arrangement, approved on January 16, 2009 (see Press Release No. 09/10). The mission had joint discussions with senior government officials and members of the incoming administration’s economic team, and also met with private sector representatives. At the conclusion of the mission, Mr. Schipke made the following statement:

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