Honduras Negotiates Loan with IMF

A "stand by" precautionary agreement and the $700 million credit line are being negotiated.

Friday, April 24, 2009

The agreement is for one year, the $700 million being contingency funds to be used only in the face if serious problems in the national economy.

LaPrensahn.com reported statements by the president of the Honduran College of Economists, CHE, Manuel Bautista: "The Government should seize the opportunities to access resources for contingency cases. The precautionary agreement involves a series of commitments that the country must meet, e.g. control of current spending, which has grown in recent years."

More on this topic

IMF Review of Honduras in January 2012

February 2012

The International Monetary Fund has concluded a review of the Stand By Agreement, noting the central government’s failure to comply with its goals for the deficit.

A press release by the IMF states:

“A technical team from the International Monetary Fund (IMF) headed by Mr.

Salvadoran Authorities and IMF Mission Reach Agreement

February 2011

IMF Mission and Salvadoran Authorities Reach Agreement on an Economic Program for 2011 in the Context of the Stand-By Arrangement

Press Release No. 11/41
February 11, 2011
Mario Garza, mission chief of the International Monetary Fund (IMF) to El Salvador, issued the following statement today in San Salvador:

Guatemala to Negotiate Stand-By Agreement with IMF

November 2010

In early December, the government will begin negotiations for a potential $300 million agreement.

The Finance Minister, Alfredo del Cid, said that “that agreement will set parameters to control the fiscal deficit, which will be 2.8 percent this year and between 3 percent and 3.2 percent in 2011".

Guatemala Makes Stand-By Agreement Request to IMF

May 2009

The letter of intent spells out the Guatemalan Government’s fiscal and monetary policy for the 2009-2010 period.

In the letter of intent, Guatemalan authorities have requested a Stand-By Agreement (SBA) for a period of 18 months, with full access to 630.6 million in Special Drawing Rights (SDRs) (about $951 million.) An initial purchase of 420.4 million in SDRs (about $634 million) will be available upon the Board’s approval of the agreement. The rest will be available in five purchases subject to quarterly review. The intention is to treat the agreement as a precaution.

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