## IMF - Regional Resident Representative Office in Central America, Panama, and the Dominican Republic

## Source details

**Canonical URL:** [IMF - Regional Resident Representative Office in Central America, Panama, and the Dominican Republic](https://www.imf.org/en/countries/resrep/cam-region)

## Other formats

- [Markdown version](/en/countries/resrep/cam-region/index.md)
- [Structured JSON version](/en/countries/resrep/cam-region/index.json)
- [Bundle manifest](/en/countries/resrep/cam-region/bundle-manifest.json)

### At a Glance

- CA-7: [Costa Rica,](http://www.imf.org/external/country/CRI/index.htm) [El Salvador,](http://www.imf.org/external/country/SLV/index.htm) [Guatemala,](http://www.imf.org/external/country/GTM/index.htm) [Honduras,](http://www.imf.org/external/country/HND/index.htm) [Nicaragua](http://www.imf.org/external/country/NIC/index.htm), [Panama](http://www.imf.org/external/country/PAN/index.htm) and Dominican Republic
- Costa Rica Joined the Fund on January 08, 1946
- [El Salvador,](http://www.imf.org/external/country/SLV/index.htm) [Nicaragua](http://www.imf.org/external/country/NIC/index.htm), and [Panama](http://www.imf.org/external/country/PAN/index.htm) Joined the Fund on March 14, 1946
- Dominican Republic and Guatemala Joined the Fund on December 28, 1945
- Honduras Joined the Fund on December 27, 1945
- [Total Quotas](http://www.imf.org/external/np/fin/data/rms_sdrv.aspx): Net cummulative allocation SDR 1,230.60 Million; Holdings: SDR 1,027.62 Million
- Loans outstanding: ECF arrangements (Honduras and [Nicaragua](http://www.imf.org/external/country/NIC/index.htm)) SDR 132.54 Million;
- Stand-by Arrangements (Dominican Republic) SDR 703.76 Million

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### IMF Regional Office — contact and leadership
- Regional Office: Gerardo Peraza, Regional Resident Representative
- Address: 7a Ave. 22-01, Zona 1, Central Bank of Guatemala, Guatemala City
- Phone: PBX IMF (502) 2390-6060
- Alternate phone: PBX BANGUAT: (502) 2429-6000 Ext. 7760
- Email: CAPDR-Office@imf.org

### Scope of work and coverage
- The IMF conducts work in Central America, Panama, and the Dominican Republic through the Regional Resident Representative Office.
- Country coverage includes the enlarged Central American region: Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
- Official IMF reports and Executive Board documents are available in English and Spanish and deal with Central America as a region and with each of its countries.

### Conferences and outreach
- XVI Annual Regional Conference on Central America, Panama, and Dominican Republic
- IMF Seminars, Conferences, Workshops and Economic Forums
- Regional Economic Outlook Update for Latin America and the Caribbean — Press Conference by Ilan Goldfajn, Director of the Western Hemisphere Department, IMF, April 2022.

### Western Hemisphere — October 2024: findings and outlook
- After successfully weathering a series of shocks, most countries in the region are converging to their (tepid) potential.
- Growth is expected to moderate in late 2024 and 2025 while inflation is projected to continue easing, although gradually.
- With output and inflation gaps mostly closed but monetary policy still contractionary and public finances in need of strengthening, a further rebalancing of the policy mix is necessary.

Key policy messages and recommendations
- Fiscal:
  - Fiscal consolidation should advance without delay to rebuild buffers while protecting priority public investment and social spending.
  - Strengthening public finances would support the normalization of monetary policy and strengthen credibility and resilience of policy frameworks.
- Monetary:
  - Most central banks are well placed to proceed with monetary easing, striking a balance between fending off the risk of reemerging price pressures and avoiding an undue economic contraction.
- Structural reforms:
  - Press on with reforms to avoid a vicious circle of low growth, social discontent, and populist policies.
  - Improve governance by strengthening the rule of law, enhancing government effectiveness, and tackling crime.
  - Boost capital accumulation by improving the business environment, fostering competition, and increasing international trade.
  - Increase and make public investment more effective.
  - Maintain a dynamic labor force and increase productivity by tackling informality and making formal labor markets more flexible, including to adapt to new technologies.
  - Increase female labor participation to help boost the labor force and offset demographic shifts.

### Medium-term outlook and risks
- Medium-term growth is expected to remain close to its low historical average, reflecting long-standing, unresolved challenges—including low investment and productivity growth—and shifting demographics.
- The ongoing reform agenda is noticeably thin, which could lead to a vicious circle of low growth, social discontent, and populist policies unless reforms are advanced.

### IMF's Work on Central America

- [IMF's Work on Central America](https://www.imf.org/en/countries/resrep/cam-region#country)

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## References

- [Regional Economic Outlook Update for Latin America and the Caribbean, Press Conference by Ilan Goldfajn, Director of the Western Hemisphere Department, IMF, April 2022.](https://www.imf.org/en/videos/view/6305171074001)
- [XVI Annual Regional Conference on Central America, Panama, and Dominican Republic](https://www.imf.org/en/News/Seminars/Conferences/2019/10/30/capdr-regional-conference)
- [October 2021 Regional Economic Outlook for Western Hemisphere - Cover](https://www.imf.org/en/Publications/REO/WH/Issues/2024/10/25/regional-economic-outlook-western-hemisphere-october-2024)

_Source: https://www.imf.org/en/countries/resrep/cam-region_