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.

Elnuevoherald.com reports words from the president, "There is a decision to make and we are exploring what is best for the country."

IMF Visits Honduras for Credit Negotiations

September 2010

The visit marks the resumption of negotiations for a $220 million loan to go toward financing the 2011 budget.

The Honduran government's $6.9 billion budget for 2011 is currently pending approval by Congress and according to local media seeks to stimulate the economy by financing public investment and production.

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."

Salvadoran Government and IMF analyze line of credit

November 2008

The Government is talking of the possibility of getting an emergency line of credit for $1 billion, however the IMF is cautious and has not released the amount it is studying.

Yesterday, Alfred Schipke, the resident regional representative of the IMF, confirmed that they are jointly studying the feasibility of a preventive stand up, an emergency loan that will not necessarily be used immediately.

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