Honduras Faces IMF Test

Finance Minister William Chong Wong affirmed they will be completely transparent when the International Monetary Fund reviews Honduras’ accounts.

Monday, May 17, 2010

The previous IMF visit to review national accounts, a compulsory process for all member states, was conducted in Honduras back in 2009, when Manuel Zelaya was still president. According to Proceso.hn, the mission “reviewed the numbers and found imbalances in public spending, mismanagement of state companies and noncompliance with the agreement signed with the Fund”.

Honduras’ fiscal and monetary situation is worrisome, and this revision must be helpful in reaching a new agreement to correct the country’s macroeconomic imbalances with the assistance of international credit organizations.

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.

IMF Concludes Review of Honduras

December 2010

"The performance of public finances until September was in line with the program negotiated with the government," concluded the IMF mission.

An IMF team held meetings with the economic cabinet, other policymakers and private sector representatives from November 29 until December 3.

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:

IMF Grants $950 Million Credit Line to Guatemala

March 2009

The 16-month line of credit will strengthen the country’s international position and monetary reserves.

Gabriel Lopetegui of the IMF said that "it is a precautionary agreement that is not expected to be used, but it is there to serve as a shield for the country."

An article in elPeriódico of Guatemala indicated that the funds could be used to "address balance of payments issues such as capital flight, devaluation or a sharp drop in foreign exchange earnings."

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