Press Release: Statement by IMF Staff Mission to Honduras

November 23, 2004

The following statement was issued today in Tegucigalpa by an International Monetary Fund (IMF) staff mission:

"The IMF technical mission that visited Honduras during the past two weeks found that the government's economic program is on track. The growth objective of 4 percent projected for this year is likely to be achieved, inflation has moderated, and the external position remains strong despite high oil prices. Budgetary developments are in line with the program, including a significant increase in anti-poverty spending, and all quantitative program targets for end-September were met.

"The government has made significant progress toward its goal of reaching the HIPC completion point in the first quarter of next year. An IMF mission plans to return in early 2005 for the second review of the PRGF program, and at that time also expects to assess the attainment of the completion point."


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