Planes Will Pay $350 to Land in Honduras

The General Directorate of Civil Aeronautics, (DGAC), will begin charging a new, but relatively unknown, fee for services that it provides. The law was stealthily entered into force more than one month ago, without the realization of the general population.

This law was voted on December 15, 2011, with President Porfirio Lobo Sosa, and John Orlando Hernández’s full knowledge. Unlike two previously (reversed) banned tariffs, this new increase was published in the Official Gazette on December 23, 2011, so it is already in force.

The director of the DGAC, Manuel Cáceres, argues the raise is needed to ensure the safety of air navigation, and that the institution, the Secretariat of Public Works, Transport and Housing, has the economic and financial resources to perform its best. “It is imperative and urgent to establish a tariff structure that matches the rules of law” mentioned in resolution DGCA-01-2011, embodied in the Gazette.

The increase is applied toward the costs of administering landings, authorizations, charter flights, registration of aircraft, flights, certificates, and monitoring standards of the airfields, among other services, according to the DGAC.

Charter Planes Under Question

The tourism sector, and former President of the National Chamber of Tourism Honduras (Canaturh), Epaminondas Marinakys, explained the repercussions there are by the unexpected rise, “This is a problem for the tourism sector, which is taking a hit.”

Charter flights will now pay $300 (5,700 lempiras) per flight to land in Honduras, when before they paid 300 or 350 dollars per month.

“I spoke with the Minister of Tourism, Nelly Jerez, and she told me that they will not increase the rate for Charter flights, but the Decree says the opposite,” said Marinakys.

“Charter flights have announced their withdrawal from Honduras because of this increase. I have received calls from several operators who sell complete packages to tourists, especially Canadians, those who love coming here on charter flights. It is regrettable that other countries are lowering fares to attract tourism, and here in Honduras the reverse is true.”

Millicom International Revises Honduras Accounting

PRESS RELEASE
Stockholm
January 26, 2012
MILLICOM INTERNATIONAL CELLULAR S.A.

Revised accounting treatment of Honduras transaction

Stockholm, January 26, 2012 – Millicom International Cellular S.A. (“Millicom”) (Stockholmsbörsen: MIC) announced today that it is restating its full-year financial statements for 2010 as well as its
interim quarterly financial statements for the periods ended September 30, 2010 to September 30, 2011 to reflect a revised accounting treatment of the put option provided to its local partner inthe July 1, 2010 Honduras transaction. The amended accounting treatment of the put option and consequent restatements have no effect on reported revenues, EBITDA, operating cash flow,
dividends and guidance.
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President of BCH Announces IMF Visit

President of the Central Bank of Honduras (BCH), María Elena Mondragón, announced that a mission from the International Monetary Fund (IMF), will arrive in Honduras next week. Ten days remain for assessing the compliance of INPREMA with the economic program of 2011, and initiating talks for the feasibility of signing a new agreement.

BCH President Mondragón explained, “the IMF mission arrives in the country next week to make the quarterly assessment of the ‘Stand By’ program we have subscribed to since October of 2010″. “It is a program of 18 months which ends in March, and they will be making an evaluation for the end of the 2011 year.”


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