Honduras: Fifth and Sixth Reviews Under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Honduras

International Monetary Fund

No 2017/331, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Honduras’ Fifth and Sixth Reviews under the Stand-by Arrangement (SBA). All continuous performance criteria for the end of June 2017 were met. The indicative target on the National Electricity Company’s (ENEE) operating revenue-to-spending ratio was missed by a small margin owing to up-front fees paid to the loss-recovery concessionaire. On the structural front, notable reforms are the adoption of a fiscal responsibility law to anchor a sustainable medium-term fiscal position; the overhaul of the tax administration; and the reduction in the heavily overstaffed payroll of ENEE. The authorities have indicated that they will not purchase the amount available on completion of these reviews, in line with their intention to treat the SBA as precautionary.

Keywords: ISCR; CR; Honduras; authority; central bank; exchange rate; FX surrender requirement; Honduran authorities; discussion of the review; authorities' knowledge; credit card law; reform agenda; Credit; Loans; Public sector; Central America; Global (search for similar items in EconPapers)
Pages: 85
Date: 2017-11-21
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