The meeting took place as prelude of the 33th Summit of Heads of State and Government of the countries member of the System of Central American Integration (SICA).
“Not only this region, but the whole world is affected by the crisis, reason why a solution must be found”, El Salvador Economy Minister Ricardo Esmahan expressed.
According to him, that is the main purpose of the Summit.
“At this time, the financial system is undergoing a very deep crisis that directly affects our countries. The most vulnerable economies, the societies with the highest rates of poverty, logically, are the first to suffer,” Honduran President Manuel Zelaya said at the summit opening.
The leaders also agreed on a 41-point “Plan of Emergency Measures” to confront regional financial upheaval that includes a regional credit fund and stimulus programs for the region’s farming, consumer and trade sectors.
Following the meeting, Central American leaders pledged to create a joint credit fund and promote fiscal stability to cope with the effects of the world financial meltdown.
The leaders say the fund will go toward developing their impoverished economies. They say investment priorities will be in infrastructure, agriculture, commerce and production. They did not specify how the fund would be financed.
They are also pledging prudent monetary policies and measures to stabilize prices of basic products.
Central American governments are concerned the financial crisis will curtail foreign investment and the amount of money their citizens abroad send home.