{
  "title": "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",
  "publication": "IMF Staff Country Reports, February 24, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/el-salvador-request-for-stand-by-arrangement-staff-report-staff-supplement-and-statement-22732",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Fiscal consolidation led to a reduction in the public debt-to-GDP ratio.\n- The country experienced the highest growth rates in a decade.\n- Real GDP growth is projected to slow to 3.2 percent in 2008, reflecting:\n  - lower growth in remittances,\n  - a tightening of external financing conditions,\n  - a decline in investment.\n- Exports have remained buoyant despite weaker external demand.\n- The banking system remains liquid and well capitalized, although:\n  - nonperforming loans have increased,\n  - profitability is declining."
    },
    {
      "heading": "Macroeconomic projections and drivers",
      "content": "- Real GDP growth projection: 3.2 percent in 2008.\n- Key downside drivers cited:\n  - lower remittance growth,\n  - tighter external financing conditions,\n  - reduced investment."
    },
    {
      "heading": "Fiscal stance and public debt",
      "content": "- Fiscal consolidation is identified as having reduced the public debt-to-GDP ratio."
    },
    {
      "heading": "External sector and trade",
      "content": "- Exports have remained buoyant despite weaker external demand.\n- External financing conditions are tightening and cited as a factor in growth slowdown."
    },
    {
      "heading": "Financial sector conditions",
      "content": "- Banking system: liquid and well capitalized.\n- Emerging risks:\n  - increase in nonperforming loans,\n  - declining profitability in the banking sector.\n\nEl 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\n\n---\n\n Content in this bundle\n\n- cr0971\n  - cr0971 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr0971 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 24, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451834796.002",
    "Fiscal consolidation led to a reduction in the public debt-to-GDP ratio.",
    "The country experienced the highest growth rates in a decade.",
    "Real GDP growth is projected to slow to 3.2 percent in 2008, reflecting:",
    "Exports have remained buoyant despite weaker external demand.",
    "The banking system remains liquid and well capitalized, although:",
    "Real GDP growth projection: 3.2 percent in 2008.",
    "Key downside drivers cited:",
    "Fiscal consolidation is identified as having reduced the public debt-to-GDP ratio.",
    "Exports have remained buoyant despite weaker external demand.",
    "External financing conditions are tightening and cited as a factor in growth slowdown.",
    "Emerging risks:",
    "**_cr0971**"
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