EL Salvador: Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement

International Monetary Fund

No 2010/303, IMF Staff Country Reports from International Monetary Fund

Abstract: The primary objective of the program was to prevent a crisis of confidence by signaling policy continuity and providing a liquidity buffer in case such shocks materialized. In addition, the program sought to preserve macroeconomic stability by focusing on sustaining fiscal prudence and financial sector reforms. IMF policy requires an ex post evaluation (EPE) of GRA-supported programs with exceptional access within a year after the end of the arrangement. Large provision of liquidity and effective use of IMF’s lending facilities can be effective in preventing a crisis.

Keywords: ISCR; CR; deposit; program; Stand-By Arrangement; government; bank; private sector; banking system; deposit flight; El Salvador program; government deposit; financial system; deposit outflow; confidence-enhancing effect; SBA negotiation; Non-program region; capital account; Fiscal stance; Commercial banks; International reserves; Global (search for similar items in EconPapers)
Pages: 27
Date: 2010-09-30
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