Arguing that the current account deficit has been reduced, and that inflation remains within the target range, the International Monetary Fund approved the first revision of the Stand-By 2019-2021 agreement.
From the press release by IMF:
On December 18, 2019, the Executive Board of the International Monetary Fund (IMF) completed first reviews of Honduras’ performance under an economic program supported by a two-year Stand-By Arrangement (SBA) and a two-year arrangement under the Standby Credit Facility (SCF). This program was approved on July 15 th, 2019 in the amount of about US$ 309.2 million (SDR 224.8 million), the equivalent of 90 percent of Honduras quota in the IMF (see Press Release 19/285 ).
"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. The mission met with the Technical Secretary of the Presidency, Alexander Segovia, the Minister of Finance, Carlos Caceres, the president of the Central Bank, Carlos Acevedo, and other senior government officials and private sector representatives.
The International Monetary Fund has concluded a review of the Stand By Agreement, noting the central government’s failure to comply with its goals for the deficit.
A press release by the IMF states:
“A technical team from the International Monetary Fund (IMF) headed by Mr. Przemek Gajdeczka visited Honduras from Jan. 30th to Feb. 9th in order to conduct discussions regarding the Reserve Credit Agreement and Stand-By Credit Service (SCS), approved by the IMF Executive Board in October 2010 (Press Release No 10/374). The authorities have treated these facilities as precautionary and therefore have not made use of them. During the visit, the mission met with President Porfirio Lobo, Vice-Chair Ms. Maria Antonieta de Bogran, the Central Bank President Maria Elena Mondragon, the Minister of Finance William Chong Wong and other senior public sector officials. After the visit, Mr. Gajdeczka issued the following statement:
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.
"One of the main commitments and that which most worries the IMF, is the fiscal deficit for this year, which was projected at 3.5% of gross domestic product (GDP), but due to the high public debt and government current expenditure will increase to 4.2%.
IMF Executive Board Completes First Review of Honduras' Economic Program.
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Honduras' economic performance under a program that combines two different IMF credit lines, the Stand-By Arrangement (SBA) and the Stand-By Credit Facility (SCF). Upon completion of the review, a total equivalent to SDR 51.8 million (about US$ 83.4 million) becomes immediately available for disbursement, but the Honduran authorities plan to continue treating the financing as precautionary.
For 2011, improved prospects for external and domestic demand are expected to lift output growth, although high global fuel and food prices will increase inflation and the external current account deficit.
IMF Completes Second Review Under Stand-By Arrangement for El Salvador
Press Release No. 11/107
March 31, 2011
The Executive Board of the International Monetary Fund (IMF) has completed its second review of El Salvador’s economic performance under a program supported by a three-year Stand-By Arrangement. The decision was taken on a lapse of time basis (a process where the Board agrees that a proposal can be approved without convening formal discussions). The arrangement was approved on March 17, 2010 in the amount of SDR 513.9 million, equivalent to 300 percent of the country’s quota in the IMF (see Press Release No. 10/95). The Salvadoran authorities are treating the arrangement as precautionary.
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. For 2011, the mission and the authorities reached understandings on the appropriate economic policies to support the economic recovery and reinforce macroeconomic stability. These understandings are subject to approval by the IMF’s Management and Executive Board, which is envisaged in late-April.
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:
“An IMF mission visited San Salvador during January 31-February 11, 2011 for discussions on the second review of the Stand-By Arrangement.
"The performance of public finances until September was in line with the program negotiated with the government," concluded the IMF mission.
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.
In early December, the government will begin negotiations for a potential $300 million agreement.
The Finance Minister, Alfredo del Cid, said that “that agreement will set parameters to control the fiscal deficit, which will be 2.8 percent this year and between 3 percent and 3.2 percent in 2011".
Guatemala has requested to date four Stand-By agreements, from 1992 to 94, 2002 to 03, 2003 to 04 and the last from 2009 to 2010.
The IMF approved financing for an 18-month program for Honduras to support the country’s efforts to restore macroeconomic stability.
The Executive Board of the International Monetary Fund (IMF) approved financing for an 18-month program for Honduras in the amount of SDR 129.5 million (about US$201.8 million) to support the country’s efforts to restore macroeconomic stability and advance economic reforms consistent with Honduras’s poverty reduction and growth objectives.
Guatemala’s economic recovery has continued despite the natural disasters that hit the country in May.
The Executive Board of the International Monetary Fund (IMF) today concluded the fourth review of Guatemala’s economic performance under a program supported by an 18-month Stand-By Arrangement (SBA). The arrangement, in the amount equivalent to SDR 630.6 million (about US$974.7 million) was approved on April 22, 2009 (see Press Release No.
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. The Stand-By Arrangement was approved on March 17, 2010 in the amount equivalent to SDR 513.9 million (about US$781 million). The Salvadoran authorities intend to continue treating the arrangement as precautionary.
The agreement, which expires in March 2012, will enable the country to get immediate access to funds worth $196 million.
An International Monetary Fund (IMF) staff mission was in Tegucigalpa between 7 and 10 September to continue discussions on an agreement between Honduras and the IMF to support the government's economic program. At the close, the mission's chief, Mr. Przemek Gajdeczka, issued the following statement:
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