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IMF-supported program for El Salvador?
By Eproint
El Salvador’s Finance Minister Alejandro Zelaya told Reuters that the country wants to get a 36-month extended fund facility approved by the International Monetary Fund (IMF), similar to the program announced for Costa Rica. “It will help us leverage the budgetary gaps for 2021, 2022 and 2023” and help lower the highs costs associated with El Salvador’s debt, Zelaya said.On March 1, 2021, the Executive Board of the IMF approved a 36-month extended arrangement under the Extended Fund Facility (EFF) for Costa Rica, with access equivalent to USD 1.778 billion. The arrangement is expected to catalyze additional bilateral and multilateral financial support.
The IMF-supported program aims at securing macroeconomic stability and advancing Costa Rica’s authorities’ home-grown reform agenda. The authorities’ policy efforts under the program will be anchored by three key pillars: (i) gradually implementing equitable fiscal reforms to ensure debt sustainability, while protecting the most vulnerable ; (ii) maintaining monetary and financial stability, while continuing to strengthen the central bank’s operational autonomy and governance and addressing structural financial vulnerabilities; and (iii) advancing key structural reforms to promote inclusive, green, and sustainable growth.
A January 2021 IMF working paper stated that, in certain Central American countries including El Salvador, structural weaknesses may make private investment particularly sensitive to business confidence relative to other traditional investment drivers and global shocks. The paper gauges the importance of confidence over recent years.
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During her career, Mrs. Portal has helped numerous international law firms and in-house counsel with all facets of their IP matters in El Salvador and Central America. Her extensive practice includes work in trademarks, patents, industrial designs, utility models, copyrights, unfair competition, foreign investment, regulatory law/health registrations, licensing, franchising, appellations of origin, geographical indications, IP litigation, fashion law, new technologies, data privacy, cybersecurity, domain names, entertainment law, advertisement law, trade secrets, valuation of intangibles, and IP due diligence. She is also recognized for the great anti-piracy and anti-counterfeiting results she has delivered for her clients. She also helps coordinate Latin America Intellectual Property Protection for the firm.