Emergency Program for Macroeconomic and Fiscal Sustainability (IADB-ES-L1142)

  • El Salvador
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Inter-American Development Bank (IADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 27, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Government of El Salvador
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IADB website

Updated in EWS Sep 10, 2020

Disclosed by Bank May 20, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

"The general objective of the program is to support the government's efforts and actions to contain the health crisis derived from COVID-19. The specific objectives are: (i) to reduce the fiscal deficit to achieve the sustainability of the public debt; and (ii) maintain a competitive and transparent economy".

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

"This Sustainable Development Lending (SDL) loan will be financed with the Bank’s Ordinary Capital resources. However, it is not part of the Bank’s regular lending program approved in the Long-term Financial Plan, so use of the Bank’s enhanced lending capacity is proposed for financing this SDL. The operation has been prepared in coordination with the Rapid Financing Instrument (RFI) approved by the International Monetary Fund (IMF). The single-tranche structure and complementary financing arrangements with the IMF provide a flexible and effective mechanism for supporting the government’s emergency measures to mitigate the health and economic impacts of the pandemic. The SDL resources will be disbursed to the government in a single tranche into the bank account designated for such purpose by the Ministry of Finance.
3.2 The amount of this program is US$250 million, in addition to the US$389 million from the RFI to be disbursed in 2020, which brings the total amount to US$639 million. The following were taken into account to determine the loan amount: (i) the size of the package of  acroeconomic adjustment measures required to address the macroeconomic crisis; (ii) the US$389 million available from the IMF; and (iii) the fiscal and balance of payment shortfalls, the country’s debt sustainability, and risk factors (see paragraph 3.3 of the SDL guidelines (document GN-2031-17). The program will help cover the additional financing needed by the country as a result of the pandemic, estimated at US$2 billion for the remainder of 2020, US$250 million of which will be provided by the Bank with the SDL loan". 

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Executing entity: Ministry of Finance of El Salvador


The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).

How it works

How it works