(Reuters) – The International Monetary Fund said on Tuesday it had reached an agreement with El Salvador to disburse about $120 million, following the first review of a $1.4 billion 40-month program.
The disbursement is subject to approval by the IMF executive board.
In February, the IMF approved the $1.4 billion extended fund facility arrangement for El Salvador.
“Most program targets set for the first review were comfortably met, and implementation of the structural benchmarks is progressing well,” the IMF said in a statement.
In March, the country separately secured a $500 million loan from the Inter-American Development Bank to shore up its budget.
(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Chris Reese and Leslie Adler)
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