IMF: Honduras Cannot Use $163 Million

Honduras won't be able to use $163 million granted as Special Drawing Rights until the organism recognizes the current government.

Monday, September 7, 2009

Said resources are part of a global $250 billion infusion aimed at strengthening international reserves for all members of the Fund.

They were granted as Special Drawing Rights, a virtual currency created by the entity, that can be exchanged for real money.

According to Efe, the Fund officially communicated: "the current de facto regime won't be able to use these funds until a decision is taken by the Fund on whether it deals with said regime as the Government of Honduras".

More on this topic

El Salvador Looks to Establish Relations with China

November 2010

The salvadoran president, Mauricio Funes, announced his Government is considering the benefits of establishing relations.

The president's statements were in connection with the inauguration of the first China Trade Fair in El Salvador. reports words from the president, "There is a decision to make and we are exploring what is best for the country."

IMF Recognizes New Honduran Government

March 2010

The IMF has recognized the government led by Porfirio Lobo Sosa, assured María Elena Mondragón, president of the Central Bank of Honduras.

Mondragón explained she received an official communication on behalf of the IMF, naming her the representative before the institution, and Finance Minister William Chong Wong as alternate representative.

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