Finance Minister William Chong Wong Resigns

Finance Minister William Chong Wong resigned yesterday. Speculation is that it most likely is due to the IMF Press Release last week, wherein it outlined that Honduras didn’t reach its 2011 International Monetary Fund (IMF) goals. William Chong Wong, Minister of Finance
Although according to the IMF press release, “The mission noted achievements in economic growth and control of inflation and acknowledged significant progress in the structural reform agenda during 2011 and early 2012, in particular in public sector pension funds, taxation and education.”

Unfortunately, they also mentioned, “…the deficit of the central government was higher than expected. In addition, the mission observed that the monetary targets under the program (net international reserves and central bank domestic assets) were not met.”

President Porfirio Lobo accepted William Chong Wong’s resignation, and is expected to announce Honduras’s new Finance Minister tomorrow.

Honduras is still negotiating a new agreement with the IMF.

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