Press Release No. 09/66

Press Release: IMF Article IV Consultation Mission Visits Honduras

March 6, 2009

Mr. Mario Garza, the International Monetary Fund (IMF) resident representative in Tegucigalpa, issued the following statement today:

“An IMF Article IV consultation mission visited Honduras during February 23-March 5, 2009. The mission assessed recent economic developments in Honduras, discussed the challenges facing the country in light of the global economic crisis, and provided policy advice. The mission would like to thank the authorities for their hospitality and discussions held with the private sector, congress, presidential candidates, and civil society during the stay. To conclude the 2009 Article IV Consultation, the mission will prepare a report for consideration of the IMF Executive Board in early May. Until then, and after the conclusion of the consultation, the IMF and the Honduran authorities will continue to hold candid discussions on the adequate policy responses to the current external context.

“Independently of the work of the mission, the IMF published early this week an analytical report on the impact of the global economic crisis on low-income countries.¹ The report assesses the growth and balance of payments vulnerabilities of some 30 low-income countries. The report highlights the importance that the more advanced economies provide additional financial support to lower-income countries that maintain sound macroeconomic policies to help them mitigate the adverse effects of the crisis. The data used in the report, such as the projected GDP growth of 2 percent for Honduras in 2009, are preliminary projections prepared in late 2008, and are not the projections discussed during the mission.”

¹ See http://www.imf.org/external/pubs/ft/survey/so/2009/NEW030309A.htm.