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International Monetary Fund. Western Hemisphere Dept.
This paper discusses Honduras’s 2019 Article IV Consultation and Request for a Stand-By Arrangement and an Arrangement Under the Standby Credit Facility. Supported by a Fund program that expired in December 2017, Honduras has reduced macroeconomic imbalances, institutionalized fiscal prudence, and laid the groundwork for a modern monetary policy framework. The authorities are committed to maintain prudent policies and to build on previous achievements to make progress in solving long-standing issues. The authorities’ economic program aims at maintaining macroeconomic stability, while enacting economic and institutional reforms to foster inclusive growth. Honduras needs to foster inclusive growth through reforms and better governance. Policy priorities include: reforms to increase the quality of fiscal policy, sustaining revenue mobilization efforts, protecting investment and social spending, and securing financial sustainability of the public electricity company; and reforms to enhance transparency and governance in the budget.
International Monetary Fund. Western Hemisphere Dept.

since 2012) and to maintain an adequate level of international reserves. BCH authorities will continue to improve the operational framework for conducting monetary policy, seeking the implementation of full-fledged inflation targeting in coming years. To meet this goal, a new central bank charter will be submitted to Congress by December 2019, supported by continued technical assistance from the Fund. The new charter aims to safeguard operational autonomy, increase transparency and accountability by making price stability the policy mandate of the BCH, introducing the

International Monetary Fund. Western Hemisphere Dept.

the new market intervention mechanisms. BCH authorities, with strong support from the IMF, have completed a draft of the new central bank charter that will be submitted to Congress by end-2019. This new charter is aimed to: (i) clearly define price stability as the primary policy mandate of the BCH; (ii) institute a sound central bank governance structure to clarify operational, oversight and policy decision responsibilities; and (iii) preserve operational autonomy, increase transparency and accountability of the institution. On November 2019, BCH started the

International Monetary Fund. Western Hemisphere Dept.
This paper highlights Honduras’ First Reviews Under the Stand-By Arrangement and the Arrangement Under the Stand-By Credit Facility, and Request for Modification of Performance Criteria. Despite headwinds to growth and a challenging external environment, the Honduran authorities remain fully committed to the economic program supported by the IMF. They have maintained prudent macroeconomic policies—the fiscal position is in line with the Fiscal Responsibility Law, inflation is within the central bank’s target band, and the current account deficit has narrowed despite adverse terms of trade—and have taken initial steps on structural reforms to promote sustained, inclusive growth. Important measures to strengthen the governance and anti-corruption frameworks have been incorporated into the program, adding to the ongoing efforts to strengthen the institutional framework in the central bank and in public finances, and to improve the business environment. The authorities are expected to protect the revenue mobilization efforts made over the past years to reduce the infrastructure gap and increase social spending. These efforts seem to be critical to reduce poverty and inequality, while maintaining a prudent fiscal position that secures debt sustainability over the medium term.
International Monetary Fund. Western Hemisphere Dept.
International Monetary Fund. Western Hemisphere Dept.
International Monetary Fund. Western Hemisphere Dept.

Staff Report for the 2019 Article IV Consultation and Request for a Stand-By Arrangement and an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Honduras

International Monetary Fund. Western Hemisphere Dept.

Staff Report for the 2019 Article IV Consultation and Request for a Stand-By Arrangement and an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Honduras

International Monetary Fund. Western Hemisphere Dept.

Staff Report for the 2019 Article IV Consultation and Request for a Stand-By Arrangement and an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Honduras

International Monetary Fund. Western Hemisphere Dept.

First Reviews Under the Stand-By Arrangement and the Arrangement Under the Standby Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Honduras