IMF lends to El Salvador, Serbia

The International Monetary Fund (IMF) on Friday said it would loan more than $1 billion to Serbia and El Salvador to ward off the threat of financial instability.

The IMF approved an $800m loan to El Salvador "to cope with the worst effects of the global financial crisis."

Though the country was not facing any immediate balance of payments needs, the loan and its conditions would act as "a precautionary measure that forms part of an overall strategy to strengthen the country's financial defen