{
  "title": "El Salvador: Request for Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for El Salvador",
  "publication": "IMF Staff Country Reports, March 3, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/03/03/el-salvador-request-for-extended-arrangement-under-the-extended-fund-facility-press-release-562921",
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  "summary": "This paper explores El Salvador’s Request for Extended Arrangement under the Extended Fund Facility. The Salvadorean economy is steadily expanding on the back of robust remittances and tourism, and a greatly improved security situation.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication date: March 3, 2025.\n- The paper examines El Salvador’s Request for an Extended Arrangement under the Extended Fund Facility.\n- Core objective: ensure conditions are in place to boost El Salvador’s growth prospects and resilience by strengthening public finances, rebuilding external and financial buffers, and improving governance and transparency.\n- Decisive ownership, implementation, and broad political and public support are identified as critical for program success."
    },
    {
      "heading": "Macroeconomic performance and recent developments",
      "content": "- The Salvadorean economy is described as steadily expanding.\n- Key drivers of expansion: robust remittances and tourism, and a greatly improved security situation.\n- External deficits have narrowed.\n- Inflation has fallen.\n- Recent liability management operations have reduced near-term financing needs.\n- Bitcoin risks are being addressed as part of the program considerations."
    },
    {
      "heading": "Program objectives and policy focus",
      "content": "- Address macroeconomic imbalances.\n- Strengthen governance and transparency.\n- Boost growth prospects and resilience through:\n  - Strengthening public finances.\n  - Rebuilding external and financial buffers.\n  - Improving governance and transparency.\n- Emphasis on agile policy making and contingency planning to manage downside risks in the context of dollarization."
    },
    {
      "heading": "Risks and contingency planning",
      "content": "- Downside risks are highlighted in the context of dollarization, requiring agile policymaking and contingency plans.\n- Political economy dimension: broad political and public support is necessary for successful implementation.\n- Financial operations: recent liability management reduced near-term financing needs but underline importance of rebuilding buffers."
    },
    {
      "heading": "Policy recommendations and implementation priorities",
      "content": "- Ensure decisive ownership and robust implementation of policy measures.\n- Strengthen governance and transparency frameworks (including measures relevant to Bitcoin transparency and audited financial statements).\n- Rebuild external and financial buffers to enhance resilience.\n- Pursue contingency planning tailored to constraints of dollarization.\n- Address anti-money laundering and combating the financing of terrorism (AML/CFT) considerations integral to program design."
    },
    {
      "heading": "Subject areas and keywords (as listed)",
      "content": "- Anti-money laundering and combating the financing of terrorism (AML/CFT)\n- Crime\n- Economic sectors\n- Expenditure\n- Pension spending\n- Public debt\n- Public sector\n- audited financial statements\n- Bitcoin transparency\n- Caribbean\n- Central America\n- Global\n- publication of asset declaration\n- staff appraisal\n\nSource: International Monetary Fund — El Salvador: Request for Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for El Salvador (March 3, 2025).\n\n---\n\n Content in this bundle\n\n- 1slvea2025001-print-pdf\n  - 1slvea2025001-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1slvea2025001-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 3, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229003483.002",
    "Publication date: March 3, 2025.",
    "The paper examines El Salvador’s Request for an Extended Arrangement under the Extended Fund Facility.",
    "Core objective: ensure conditions are in place to boost El Salvador’s growth prospects and resilience by strengthening public finances, rebuilding external and financial buffers, and improving governance and transparency.",
    "Decisive ownership, implementation, and broad political and public support are identified as critical for program success.",
    "The Salvadorean economy is described as steadily expanding.",
    "Key drivers of expansion: robust remittances and tourism, and a greatly improved security situation.",
    "External deficits have narrowed.",
    "Inflation has fallen.",
    "Recent liability management operations have reduced near-term financing needs.",
    "Bitcoin risks are being addressed as part of the program considerations.",
    "Address macroeconomic imbalances.",
    "Strengthen governance and transparency.",
    "Boost growth prospects and resilience through:",
    "Emphasis on agile policy making and contingency planning to manage downside risks in the context of dollarization.",
    "Downside risks are highlighted in the context of dollarization, requiring agile policymaking and contingency plans.",
    "Political economy dimension: broad political and public support is necessary for successful implementation.",
    "Financial operations: recent liability management reduced near-term financing needs but underline importance of rebuilding buffers.",
    "Ensure decisive ownership and robust implementation of policy measures.",
    "Strengthen governance and transparency frameworks (including measures relevant to Bitcoin transparency and audited financial statements).",
    "Rebuild external and financial buffers to enhance resilience.",
    "Pursue contingency planning tailored to constraints of dollarization.",
    "Address anti-money laundering and combating the financing of terrorism (AML/CFT) considerations integral to program design.",
    "audited financial statements",
    "Bitcoin transparency",
    "Caribbean",
    "Central America",
    "Global",
    "publication of asset declaration",
    "staff appraisal",
    "**1slvea2025001-print-pdf**"
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