Honduras News – Daily News about Honduras

William Chong, upon taking up his new post as Honduras’ Finance Minister, has said that the new government is inheriting a bankrupt country, with only “about $50 million in government coffers”.

Chong said the country is bankrupt following months of isolation and cut offs of international aid prompted by the political crisis. He added that President Lobo’s administration will have to approach international lending agencies like the World Bank and International Monetary Fund for loans.

That may not seem as difficult as previously thought, as Craig Kelly, US Deputy Assistant Secretary of State, said that Honduras has made significant headway in returning to democratic constitutional rule, and that it deserved a chance to normalize international relations.

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Excerpt: “Our Hispanic customer base is made of immigrants from a number of Latin American countries. Wells Fargo wants to be the bank of choice for this increasingly important high growth consumer segment.”

“Wells Fargo & Company (NYSE:WFC) has more than doubled the number of countries that can receive Wells Fargo ExpressSend remittance transactions – expanding to Honduras, Nicaragua…” Read article here.

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Late last year, the Supreme Audit Court (TSC) sent to the Public Ministry (MP), an audit report on irregularities found relating to the the Honduran Social Investment Fund’s (FHIS) improper spending of 30 million Lempiras.

The TSC has requested the Public Ministry initiate legal action on this complaint of corruption against the FHIS.

They are challenging the issuance of two emergency expenditures by the former President, Manuel Zelaya, that went to pay for unjustified advertising, which diverted resources meant for social projects.

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The Government of Honduras announced that it has officially ceased to amortize payments toward the public external debt owed to the Banco Centroamericano de Integracion Economica, BCIE. The Finance Minister, Gabriela Nunez, said yesterday that the decision was made to suspend the disbursements in the wake of the political events that occurred on June 28, 2009.

The Government will continue to keep up with their payments to other international financial organizations.

Data from the Ministry of Finance indicates that of the 2,457 million dollars Honduras reported as external debt in September 2009, over 405 million dollars are owed to the BCIE.

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