Salvadoran Government and IMF analyze line of credit

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.

Friday, November 21, 2008

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.

The IMF representative believes the country does not currently need additional liquidity on top of what it has already gotten from the IDB and the $950 million in loans that it is seeking from the IDB and the World Bank.

More on this topic

IMF Visits Honduras for Credit Negotiations

September 2010

The visit marks the resumption of negotiations for a $220 million loan to go toward financing the 2011 budget.

The Honduran government's $6.9 billion budget for 2011 is currently pending approval by Congress and according to local media seeks to stimulate the economy by financing public investment and production.

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."

$800 million for El Salvador according to the IMF

December 2008

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.

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.

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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