Honduras News Archives: world bank

BCIE Credits $288 Million to Honduras

News on July 29, 2010 by Administrator| Comments Off

A provision of $ 288 million was approved for Honduras by the Central American Bank for Economic Integration (BCIE).

The funding was confirmed yesterday. Minister of the Presidency, Marie Antoinette Bogran Guillen, said that the funds approved in record time, will serve to boost social programs during the administration of President Porfirio Lobo.

Some of the funds will be allocated as follows: 150 million for the program of education, health, and nutrition, 85 million to cover school meals programs, 12.2 million for the implementation of food safety policies, and additional 30 million for other social programs.

More funds

Bogran Guillen said these resources are in addition to another 40 million dollars approved last week by the World Bank board.

“We see that in just five months, the government has managed to reverse and stop the damage they were suffering; particularly helping the most needy, by restoring the aid that had been disrupted,” said the Minister of the Presidency.

Weeks ago the government also announced that the Inter-American Development Bank (IDB) is to disburse a sum of about $ 347 million, which will also serve to implement projects and programs in support of the needy.

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BCH Reaches Agreement with IMF

News on July 9, 2010 by Administrator| Comments Off

Honduras achieved an agreement with the International Monetary Fund (IMF) the president of the Central Bank of Honduras (BCH), Maria Elena Mondragon said today.

The Honduran senior official announced that on Monday, the board will know the report on the review of the fourth article, which was the reason for the arrival of the mission specialists who arrived in Honduras recently. The fourth article is a review that the IMF is required to do annually to all members, regardless of whether they agree or disagree.
This statement shows all aspects of the economy of a country.

On Thursday and Friday of next week, there will be a regional conference involving the presidents of central banks, finance ministers and superintendents of Central America, Panama and the Dominican Republic.

This financial forum will be held in Honduras, and many officials expect the International Monetary Fund, the Inter-American Development Bank (IDB) and the World Bank (WB).

“The idea is to exchange with all stakeholders in the region and the IMF on the role of this organism in a time of crisis as we are now in,” said the president of the BCH.

Currently the economic growth projection of Honduras is 2.8 percent, a figure lower than what the country needs to improve its macroeconomic indicators. According to the authorities of the BCH, the economic slowdown last year was more than two percent, and this year is expected to end in positive figures.

The Honduran government this year approved the start of a series of fiscal measures, according to Maria Elena Mondragon, that have shown good results, but suggested that the performance will not be seen until next year. In addition, actions are being taken in the Ministry of Finance to monitor and target public expenditure.

The BCH President believes that it is useless to have strategies to increase revenue, if there is no policy to control the money of the State.

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New Reps to WB and IDB from Honduras

News on May 11, 2010 by Administrator| Comments Off

Luis Cosenza is the new representative to the World Bank (WB) from Honduras, and Marlon Tabora will be the new rep to the Inter-American Development Bank (IDB). William Chong Wong, the Honduran Finance Minister announced on Tuesday.

Cosenza served previously as the minister of the presidency during former President Ricardo Maduro’s administration (2002-2006), and also worked as the IDB director for Central America. Tabora has been leading Lobo’s presidential team.

Finance Minister Wang spoke after a meeting of the Council of Ministers, indicating that President Porfirio Lobo Sosa requested that Cosenza and Tabora work to get “more funding for Honduras”.

Honduras normalized ties with both of these organizations, and the IDB announced on March 26th, that loans to Honduras would be forthcoming. IDB is expected to grant 353 million U.S. dollars for Honduras’ use.

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Posted in Financial News, Honduran Business - Economics, Politics in Honduras

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