ESF

FY 1993 ESF program to support economic and democratic reform in El Salvador. A cash grant of $55 million will be conditioned on policy reforms to accelerate broad-based economic growth, strengthen democratic institutions and processes, and improve public sector accountability. Dollars will be used to import U.S. goods and petroleum for the productive private sector. The Government of El Salvador (GOES) will provide an equal amount of local currency for mutually agreed on development purposes. Conditions to consolidate sustainable economic growth are to: (1) increase the efficiency of the electricity sector (e.g., developing a regulatory framework for the sector, drafting laws for the National Electricity Council); (2) modernize tax and customs administration; (3) reduce the role of the state through privatization, a freeze on public employment, and decentralizing authority to municipalities; (4) improve financial intermediation (by encouraging competition among and supervision of banks); (6) promote exports; (7) maintain an adequate macroeconomic framework and structural/sector adjustment policies; (8) increase cost-recovery at public health facilities; (9) increase budget alloc

Source: DEC abstract, PD-ABH-207 (1993). The source's own text.