El Salvador: Staff Report-Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for El Salvador

April 16, 2020

Preview Citation

Format: Chicago

El Salvador: Staff Report-Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for El Salvador, (USA: International Monetary Fund, 2020) accessed December 30, 2024

Summary

This paper discusses El Salvador’s IMF Staff report on Request for Purchase Under the Rapid Financing Instrument (RCI). This assistance is expected to help El Salvador direct funds swiftly to the country’s most affected sectors, including the healthcare system. El Salvador has adopted strict measures to prevent and contain the pandemic since early February—even before the first case was diagnosed—including travel restrictions, mandatory quarantine for exposed citizens, suspension of nonessential public and private sector operations, and a nationwide shelter-in-place order. The authorities’ emergency response also comprises measures to mitigate the economic impact of the pandemic on the population, including through targeted cash transfers to vulnerable households and tax relief in the most affected economic sectors. IMF financing will help preserve fiscal space and catalyze significant funding from other multilateral institutions. The IMF continues to closely monitor El Salvador’s situation and stands ready to provide policy advice and further support as needed.

Subject: Central banks, COVID-19, Economic sectors, Fiscal policy, Fiscal stance, Health, International reserves, Public debt, Public sector, Revenue administration

Keywords: Balance of payments gap, Central America, COVID-19, CR, El Salvador's request, Financing, Financing gap, Fiscal stance, GDP, Global, Government, IMF lending arrangement, International reserves, ISCR, Public sector, Requested disbursement, Salvadorian authority

Publication Details

Pages:

34
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/106
Stock No:

1SLVEA2020002
ISBN:

9781513540672
ISSN:

1934-7685

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