Guatemala: First Review Under the Stand-By Arrangement and Requests for Modification of Performance Criterion and Consultation Clause: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Guatemala

International Monetary Fund

No 2009/305, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the First Review Under the Stand-By Arrangement for Guatemala. The fiscal deficit is increasing owing to a sharp decline in revenues, associated with the contraction in imports and domestic demand. The policy interest rate has been cut. All quantitative performance criteria through June have been met. Inflation has fallen below the consultation band set in the program, triggering a consultation with IMF staff. Fiscal policy needs to continue striking a balance between avoiding a procyclical stance and maintaining debt sustainability.

Keywords: ISCR; CR; revenue-enhancing reform; monetary policy interest rate; authority; banking sector resilience; economy; IDB portfolio; financing strategy; government program; monetary policy stance; Public sector; Inflation; Government debt management; Global; Central America (search for similar items in EconPapers)
Pages: 42
Date: 2009-10-20
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