Honduran Entrepreneurs Call for Anti-crisis Action

They are calling out for an agreement to be signed with the IMF and for adjustments in the application of the new minimum wage rate and in the anti-crisis plan announced by the government.

Thursday, March 5, 2009

The Honduran Council of Private Enterprise (COHEP) requested the government to confront the crisis that is already affecting Honduras, and to stand a the forefront of a joint effort among all the national sectors, stressing the need to reach a stand-by agreement with the International Monetary Fund. This would allow Honduras access to credit lines for countries in a precarious condition.

In the article in El Heraldo, the president of COHEP states with regard to the announced anti-crisis plan, "We do not know the plan. What we do have is an announcement and as entrepreneurs we are in complete agreement. We see that the initiative, the anti-crisis plan, has been a little late but the crisis will last a long time. I think with the swiftness of the case, we have to sit down to work and I think the government which must lead the anti-crisis plan, must call on all sectors and seek the unity and solidarity of all Hondurans, as was the case after the country was destroyed by Hurricane Mitch in October, 1998. So far nothing has been done to address the crisis, but it's time to start taking action."

More on this topic

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".

Honduras Reaches Stand-by Agreement with IMF

September 2010

The agreement, which expires in March 2012, will enable the country to get immediate access to funds worth $196 million.

An International Monetary Fund (IMF) staff mission was in Tegucigalpa between 7 and 10 September to continue discussions on an agreement between Honduras and the IMF to support the government's economic program. At the close, the mission's chief, Mr. Przemek Gajdeczka, issued the following statement:

El Salvador: New Stand-by Arrangement

September 2009

IMF and El Salvador have reached a preliminary agreement on a $800 million Stand-By Arrengement.

The new program will replace the 15-month Stand-By Arrangement approved on January 16, 2009 (see Press Release No. 09/10)

The agreement reached with the authorities is subject to approval by the IMF management and Executive Board, which could consider the request for the new Stand-By Arrangement in November.

Honduras Negotiates Loan with IMF

April 2009

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

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."

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