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How would the government achieve an adjustment of 4% of the GDP? First, the Central Government has to reduce public expenditure to 2.6% and has to increase revenues by 1.4% to achieve the 4% fiscal adjustment needed for the IMF to grant the funds.
He also indicated that public spending must be reduced by US$600 million in a period of 3 years and revenues must be increased by approximately US$300 million, this does not imply that the Value Added Tax (VAT) will be increased.
The minister said that if the agreement is reached they could obtain US$1,300 million over a period of 3 years and they hope that in the next few days a joint announcement of the agreement with the IMF can be made.
He said that the electronic invoice will generate an impact of US$50 million in increased revenues.
The IMF met last week in Washington DC with a salvadoran delegation to continue discussions on the possible agreement, stalled since april 2021 and meetings will continue virtually during november.