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International Monetary Fund. Western Hemisphere Dept.

On behalf of our Honduran authorities, we would like to thank Ms. Wong and her team for their hard work and proactive engagement in program negotiations. We also thank Management and the Board for their continued support during these challenging times. I. General remarks Honduras has underpinned its reform agenda with the Fund’s supported programs since 2010 . Authorities attach high value to the engagement with the Fund, which continues to help anchor Honduras’ economic policy agenda and reforms. The Fund’s supported programs of the period 2010–2012 and

International Monetary Fund
This paper discusses request from Honduras’ authorities for a Stand-By Arrangement (SBA). Honduras has had three previous Poverty Reduction and Growth Facility (PRGF) arrangements, the last of which ended in February 2007. The most recent PRGF program focused on fiscal consolidation and structural reforms. However, the program went off track owing to large wage increases granted in 2006, including a four-year agreement with teachers. The authorities are now requesting a 12-month SBA covering economic policies through December 2008. In IMF staff’s view, the authorities’ program appropriately addresses emerging imbalances.
International Monetary Fund. Western Hemisphere Dept.

The Honduran authorities want to thank the IMF team for their well-informed policy advice as well as for a very constructive and candid dialogue. In the last four years, supported by a Fund program, the Honduran authorities have made immense strides in stabilizing the economy and reducing criminality while at the same time fostering poverty reduction policies. It is important to remember where Honduras stood four years ago, with wide fiscal and external imbalances (non-financial public sector deficit of 7.5 percent of GDP and a current account deficit of 9

International Monetary Fund

. Background The Honduran authorities would like to thank the staff and management for all their support and advice on the way to the first review under the PRGF arrangement. As this Chair pointed out in our last statement, the current program embodies a number of quite distinctive elements when compared with previous Fund arrangements. It was built on strong ownership and domestic consensus. The program also was frontloaded and several key structural reforms were defined as prior actions. Now, the authorities are pleased to inform that despite political and social

International Monetary Fund. External Relations Dept.

O n the basis of strong, recent efforts to boost growth and reduce poverty, Honduras has just reached the completion point in the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. This achievement will allow for a significant and permanent reduction of the country’s external debt. In late 2003, the Honduran authorities embarked on an economic program that has sparked a rebound in growth, bolstered its external position, and brought its fiscal deficit under control, while permitting increased public spending on the poorest. Today, with good

International Monetary Fund. Western Hemisphere Dept.

Our Honduran authorities are deeply grateful to the staff for the constructive engagement and high-quality policy discussions. They broadly share the staff’s assessment of the economic outlook and policy priorities for the upcoming years. It is important to highlight that this is the seventh review since 2014 under two IMF-supported programs, something unprecedented for Honduras. This progress reflects the authorities’ steadfast commitment to enhance and consolidate their policy and economic framework. During the 2014–2017 Fund-supported program, Honduras

International Monetary Fund

On behalf of the authorities of Honduras, we would like to thank management and staff for their policy advice and their appreciable work with the country, especially during the last years. This review is specially meaningful for the Honduran authorities, since it is the first review after achieving the HIPC completion point and the last review under the present administration of President Maduro. This review is also important because it provides the country with a unique opportunity to continue implementing sound macroeconomic policies and advancing in the