Honduras: Request for Stand-By Arrangement-Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Honduras

IMF Staff Country Reports, July 23, 2008

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Honduras: Request for Stand-By Arrangement-Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Honduras

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Bibliographic details

• Authors: Arrangement-Staff Report
• Published: July 23, 2008
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781451817201.002

Overview

• The authorities of Honduras requested a Stand-By Arrangement (SBA).
• The SBA requested is for 12-months and covers economic policies through December 2008.
• IMF staff's view: "the authorities’ program appropriately addresses emerging imbalances."

Background and recent program history

• Honduras previously had three Poverty Reduction and Growth Facility (PRGF) arrangements; the last PRGF ended in February 2007.
• The most recent PRGF program focused on fiscal consolidation and structural reforms.
• The prior program went off track owing to large wage increases granted in 2006, including a four-year agreement with teachers.

Key findings and assessment

• IMF staff assesses that the proposed 12-month SBA program is appropriately designed to address emerging macroeconomic imbalances.
• The request aims to restore program traction after the 2006 wage-related slippage from the previous PRGF arrangement.

Subjects and policy areas covered

• Banking
• Economic sectors
• External debt
• International reserves
• Poverty
• Poverty Reduction
• Poverty reduction strategy
• Public debt
• Public sector

Keywords and stakeholders mentioned

• Central America
• CR
• executive board discussion
• Global
• government deposit
• Honduran authorities
• IMF staff representative
• ISCR
• Poverty reduction
• Poverty reduction strategy
• program
• Public sector
• staff appraisal
• statement

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