El Salvador received a positive preliminary review from the International Monetary Fund (IMF) regarding its 40-month, $1.4 billion agreement. Jorge Arriaza, president of the Salvadoran Association of Industrialists (ASI), expressed satisfaction with the report and praised the government’s economic performance.
“We are very satisfied with the report. It’s a long-term agreement, and this first quarterly review has been very positive,” said Arriaza. He noted that IMF representatives were particularly pleased with the growth of the industrial sector after meeting with Salvadoran business leaders.
The IMF acknowledged that El Salvador has met fiscal and international reserve targets and is advancing in structural reforms, including fiscal transparency, civil service reform, and anti-corruption legislation.
Arriaza added that continued success in future reviews could open new financial opportunities. “It opens doors for other types of financing and greater economic confidence,” he stated.
He also welcomed the recently approved 12% minimum wage increase, set to take effect on June 1, which was supported unanimously by labor, business, and government sectors.
“It was an excellent job by the Council. This increase was already necessary,” said Arriaza, emphasizing the importance of the tripartite approach. The adjustment is expected to benefit over half a million workers, with the industrial sector ready to support its implementation.