IMF and El Salvador Secure $120 Million Agreement

The International Monetary Fund (IMF) announced on Tuesday an agreement with El Salvador for a $120 million disbursement post the first evaluation of a $1.4 billion 40-month program.

This financial support depends on the IMF executive board's approval. Earlier, in February, the IMF had sanctioned a $1.4 billion extended fund facility for the country.

According to the IMF, "Most program targets set for the first review were comfortably met, and implementation of the structural benchmarks is progressing well." Additionally, in March, El Salvador secured a separate $500 million loan from the Inter-American Development Bank to bolster its budget.

(With inputs from agencies.)