{ "title": "IMF and Honduras Reach Staff-Level Agreement on the First Review of the Economic Program under the Stand-by/Credit Facility Arrangement", "publication": "IMF News, November 8, 2019", "sourceUrl": "https://www.imf.org/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa", "canonical": "https://www.imf.org/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa", "overlayPath": "/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa/index.md", "summary": "Press Release No. 19/405; date: November 8, 2019.", "publishDate": "2019-11-08", "sections": [ { "heading": "Mission and agreement", "content": "- Press Release No. 19/405; date: November 8, 2019.\n- An IMF team led by Mr. Esteban Vesperoni visited Honduras from October 28 to November 8 to conduct discussions on the First Review of Honduras’s IMF-supported program under the Stand-By Arrangement (SBA) and the Credit Facility Arrangement (CFA).\n- The mission reached a staff-level agreement on the first review of the economic program supported by a two-year Stand-by and Credit Facility arrangement.\n- The mission will not result in a Board discussion.\n- Mission contact: PRESS OFFICER: Maria Candia Romano. Phone: +1 202 623-7100. Email: MEDIA@IMF.org. @IMFSpokesperson." }, { "heading": "Macroeconomic assessment and outlook", "content": "- Honduras has made important progress implementing its economic program aimed at fostering inclusive growth through:\n - prudent macroeconomic policies;\n - structural and governance reforms.\n- Recent dynamics:\n - Honduras experienced a moderation in economic growth during the last quarters.\n - Growth is expected to recover next year, in line with a better global environment.\n- Fiscal framework:\n - Authorities continue to pursue prudent macroeconomic policies anchored by the Fiscal Responsibility Law.\n - Authorities are working on expenditures reallocations to protect investment and social spending.\n - Authorities remain committed to maintaining revenue mobilization efforts to preserve gains achieved over the past years.\n- Expected fiscal outcome:\n - Strengthening the financial position in ENEE has the potential to create the needed fiscal space to protect infrastructure investment and social spending." }, { "heading": "Structural and governance reforms", "content": "- Authorities are making progress on an ambitious reform agenda with potential to raise the economy’s growth potential.\n- Electricity sector reform — notable advances in the initial phase:\n - Strengthening of the regulatory agency.\n - Creation of an independent system operator.\n - Efforts by the new management of the public electricity company (ENEE) and the Secretary of Finance to improve governance and transparency in ENEE.\n - Establishment of an electricity theft task force.\n - These measures aim to reinforce the institutional framework for an open, competitive and transparent market in the electricity sector and a sustainable financial position in ENEE.\n - Continued steadfast implementation of the reform plans in the sector remains essential.\n- Broader governance and business climate roadmap includes:\n - Drafting the new central bank charter.\n - Improving the budget process and the quality of public spending.\n - Simplifying the regulatory framework.\n - Developing reforms to foster transparency and advance the fight against corruption." }, { "heading": "Stakeholder engagement", "content": "- The mission held discussions with:\n - President of the Republic Juan Orlando Hernández;\n - President of Congress Mauricio Oliva;\n - Magistrates of the Court of Accounts;\n - Members of the economic cabinet;\n - Other senior officials and representatives of civil society, the private sector and the international community.\n- The mission expressed appreciation for the authorities and counterparts for excellent discussions and hospitality.\n\nInternational Monetary Fund — Press Release No. 19/405, November 8, 2019.\n\n---\n\n\n References\n\n- Honduras and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa/index.md)", "[Structured JSON version](/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa/index.json)", "[Bundle manifest](/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa/bundle-manifest.json)", "Published: November 8, 2019", "Press Release No. 19/405; date: November 8, 2019.", "An IMF team led by Mr. Esteban Vesperoni visited Honduras from October 28 to November 8 to conduct discussions on the First Review of Honduras’s IMF-supported program under the Stand-By Arrangement (SBA) and the Credit Facility Arrangement (CFA).", "The mission reached a staff-level agreement on the first review of the economic program supported by a two-year Stand-by and Credit Facility arrangement.", "The mission will not result in a Board discussion.", "Mission contact: PRESS OFFICER: Maria Candia Romano. Phone: +1 202 623-7100. Email: MEDIA@IMF.org. @IMFSpokesperson.", "Honduras has made important progress implementing its economic program aimed at fostering inclusive growth through:", "Recent dynamics:", "Fiscal framework:", "Expected fiscal outcome:", "Authorities are making progress on an ambitious reform agenda with potential to raise the economy’s growth potential.", "Electricity sector reform — notable advances in the initial phase:", "Broader governance and business climate roadmap includes:", "The mission held discussions with:", "The mission expressed appreciation for the authorities and counterparts for excellent discussions and hospitality.", "[Honduras and the IMF](http://www.imf.org/external/country/HND/index.htm)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa/index.md", "json": "/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa/index.json", "bundleManifest": "/en/news/articles/2019/11/08/pr19405-imf-and-honduras-reach-staff-level-agree-1st-rev-economic-program-under-sba-cfa/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T23:13:03.700Z" }