El Salvador: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for El Salvador

2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for El Salvador

Volume/Issue: Volume 2022 Issue 020

Publication date: January 2022

ISBN: 9798400200151

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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Salvadorian authorities , authorities of El Salvador , anti-smuggling plan , government finance statistics manual , El Salvador's authorities , authorities' estimate , Virtual currencies , International reserves , Currencies , Remittances , Central America , Caribbean , Global

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Summary

The pandemic interrupted ten years of growth, but El Salvador is rebounding quickly. Robust external demand, resilient remittances, and a sound management of the pandemic—with the help of a disbursement under the Rapid Financing Instrument (RFI) (SDR287.2 million or US$389 million) approved in April 2020—are supporting a strong recovery. Persistent fiscal deficits and high debt service are leading to large and increasing gross fiscal financing needs.