Press Release No. 12/192

A mission from the International Monetary Fund (IMF) led by Mario Garza visited San Salvador during May 21–25 to review recent developments and the economic outlook. At the conclusion of the visit, Mr. Garza issued the following statement in San Salvador:

“The IMF team had productive meetings with President Mauricio Funes and his economic team. The authorities reiterated the government’s commitment to prudent policies that will place the public debt-to-GDP ratio on a downward path and protect social spending. They noted the importance of further strengthening El Salvador’s fiscal position through expenditure restraint and higher fiscal revenues and expressed their interest in maintaining a financial arrangement with the IMF until 2014. As part of the agreed working agenda, IMF staff will maintain a close dialogue with the authorities to assist them in achieving their fiscal consolidation objectives.”