El Salvador: Request for Stand-By Arrangement: Staff Report; Staff Supplement and Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for El Salvador
February 24, 2009
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The staff report for El Salvador’s request for a Stand-By Arrangement is examined. Fiscal consolidation led to a reduction in the public debt-to-GDP ratio, and the country has experienced the highest growth rates in a decade. Real GDP growth is projected to slow to 3.2 percent in 2008, reflecting lower growth in remittances, a tightening of external financing conditions, and a decline in investment. Exports, however, have remained buoyant despite weaker external demand. The banking system remains liquid and well capitalized, although nonperforming loans have increased and profitability is declining.
Subject: Banking, Commercial banks, Credit, Economic sectors, External debt, Financial institutions, Money, Public debt, Public sector
Keywords: Commercial banks, CR, Credit, El Salvador's outlook, fund, Global, IMF staff representative, infrastructure investment, investment in infrastructure, ISCR, Public sector, sound fiscal policy, staff appraisal
Pages:
52
Volume:
2009
DOI:
Issue:
071
Series:
Country Report No. 2009/071
Stock No:
1SLVEA2009002
ISBN:
9781451834796
ISSN:
1934-7685
