After a second review of Stand-by Agreement signed in April, the IMF approved a disbursement of $786 million.
The Executive Board of the International Monetary Fund (IMF) on December 16th completed the second review of Guatemala’s economic performance under a program supported by an 18-month Stand-By Arrangement (SBA). The Guatemalan authorities intend to continue treating the arrangement as precautionary.
After a second review of Stand-by Agreement signed in April, the IMF approved a disbursement of $786 million.
The Executive Board of the International Monetary Fund (IMF) on December 16th completed the second review of Guatemala’s economic performance under a program supported by an 18-month Stand-By Arrangement (SBA). The Guatemalan authorities intend to continue treating the arrangement as precautionary.
In 2010, the Central American Bank for Economic Integration (CABEI), will lend $1.038 million for development projects.
$370.8 million are earmarked for Costa Rica, $199.8 million for El Salvador, $173.2 million for Guatemala and $114.9 million for Nicaragua.
As for Honduras, Alfredo Ortuño, CABEI's director, explained that "...disbursements are on hold until the Central American Integration System (SICA) revokes a ruling enacted after the Honduran coup d'état. Nevertheless, the bank has earmarked $123.6 million to finance projects in the country".
The World Bank Board of Directors approved a USD 350 million Development Policy Loan (DPL) for the government of Guatemala.
With the objective of continuing to support the country’s efforts to improve its fiscal and institutional policies and mitigate the impact of this global crisis.
The purpose of this loan is to contribute to the government’s efforts to improve macroeconomic stability, governance and transparency; to expand opportunities for vulnerable groups through a better focalization of social programs and the promotion of growth and productivity to generate quality jobs.
BID will finance a loan of $22 million for the implementation of a physical land registry system to cover protected areas in Guatemala.
Guatemala will strengthen its national network of protected areas by improving its land registry system through a loan of $22 million USD from the Inter-American Bank of Development (BID).
As in Panama, there are hundreds of millions of untapped dollars in loans that were obtained to prevent illiquidity in the Costa Rican banking system.
The government of Costa Rica rejected the loan for $500 million that the Inter-American Development Bank (IADB) had granted at the end of 2008 and for which the approval by the Legislative Assembly had already been obtained.
In good times, multilateral lending agencies do not have too many customers. In times of crisis, everyone needs them.
To continue to grow and not stagnate, Latin America needs foreign investment in an amount ranging from 5% to 6% of the GDP in the region. It is $200 billion, a figure too large for the current scope of these credit institutions.
The Subsecretary of State from U.S.A. announced that his country would collaborate with the region to minimize the effect of the crisis.
Thomas A. Shannon, Subecretary of State for Western Hemisphere Affairs, said in Honduras yesterday that "in the face of the financial crisis, the United States will focus on ensuring that these nations have access to the credit needed to overcome the crisis and protect their social programs."
The International Monetary Fund offered a preventive line of credit to reinforce the country’s international reserves of $4.758 billion.
Leonel Diaz wrote in Prensalibre.com: "Alfred Schipke, IMF representative for Central America, said yesterday that because of the country's macro-economic strength, the IMF offered a stand-by agreement which would function as a line of credit. The proposal is being examined by the authorities of the Bank of Guatemala (Banguat). 'It's like an extra mattress. However, we are still holding talks to determine whether to accept it,’ the official said."
During a meeting of Governors, IDB President Luis Alberto Moreno announced that the entity will increase its support to countries in the region.
Proceso Digital published on its website: "’At this juncture, we have to lend more and that is our obligation and why we are here,' said the head of the IDB in his opening speech.
Moreno said the IDB is ready to meet this 'obligation' to raise capital to the region but he did not specify the amount.
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