Home / Knowledge / News / Textiles / Statement by IMF mission to El Salvador

Statement by IMF mission to El Salvador

Mar '07
The following statement was issued on March 13 in San Salvador by Mr. Dominique Desruelle, Mission Chief for El Salvador of the International Monetary Fund (IMF):

"An IMF mission visited El Salvador during March 6-9 to discuss recent economic developments and macroeconomic policies. The mission met with Technical Secretary of the Presidency Eduardo Zablah Touché, Finance Minister William Handal, Economy Minister Yolanda de Gavidia, Central Bank President Luz Maria Serpas de Portillo, and other senior government officials. The mission thanks the authorities for the warm welcome and close cooperation it has received during its stay in El Salvador.

"The Salvadoran economy has strengthened during the last year, with output growth of 4¼ percent in 2006. Inflation rose to 5 percent, reflecting a sharp mid-year increase in the prices of petroleum products. Robust growth in nontraditional exports and remittances offset a decline in maquila exports, a higher oil import bill, and rising capital goods imports, thus maintaining the current account deficit at 4¾ percent of GDP.

"The outlook for 2007 is favorable, with growth expected to be supported by investment and non-traditional exports. Lower oil prices should help bring along a reduction in inflation. The external current account deficit would be stable, with a reduction in the oil import bill compensating higher imports of investment goods.

"The mission concurred with the authorities that a core challenge is sustaining a high rate of economic growth over the medium term and bringing about a marked reduction in poverty, while concurrently enhancing the economy's resilience to shocks. To achieve these objectives, the Salvadoran authorities are appropriately focusing on strengthening public finances and the financial system, boosting El Salvador's integration in the global economy, and promoting innovative social programs.

Must ReadView All

Pic: ADB

Textiles | On 22nd Sep 2021

ADB trims developing Asia 2021 growth outlook to 7.1%

The Asian Development Bank (ADB) lowered its 2021 economic growth...

Pic: Shutterstock

Textiles | On 22nd Sep 2021

Mexican cotton outlook seems promising in MY 2021-22: TexPro

Mexican cotton outlook has been improving gradually due to...

Pic: Shutterstock

Apparel/Garments | On 22nd Sep 2021

Bangladesh RMG exporters fear losses due to problems at airport

Apparel exporters in Bangladesh are expecting significant losses for...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

The pandemic has reinstated need for organised retail spaces in Tier II...

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Harleen Kaur,

Harleen Kaur

Established in 2017 and headquartered New York, the label Harleen Kaur...

Dhirubhai & Arvind Shah,

Dhirubhai & Arvind Shah

It supplies synthetic fabrics to top international brands like M&S,...

C Maennich,

C Maennich

Trützschler, one of the world's leading textile machinery manufacturers,...

Ian Russell, Pireta

Ian Russell

UK-based Pireta has developed a unique free-form process to add durable,...

Daniel Kaye, RocketLife

Daniel Kaye

<div>RocketLife, an award-winning developer of breakthrough visual...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Anjali Bhaskar, Samatvam

Anjali Bhaskar

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Anjali Bhaskar, Samatvam

Anjali Bhaskar

<b>Anjali Bhaskar</b> has an experience of 12 years in the fashion...

Gaurang Shah, Label Gaurang Shah

Gaurang Shah
Label Gaurang Shah

Hyderabad based designer <b>Gaurang Shah</b>, has been traversing the...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search