No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveHonduras One Step Closer to Debt Forgiveness

Honduras One Step Closer to Debt Forgiveness

TEGUCIGALPA (EFE) – HonduranPresident Ricardo Maduro last weekexpressed his satisfaction with a recentevaluation by the International MonetaryFund (IMF) of his country’s progresstoward eligibility for debt forgivenessunder the Highly Indebted Poor CountriesInitiative, known as HIPC.The President said “Honduras’ advancesin economics and its political consistency inmaintaining macroeconomic stability on themedium term” pleased himThe IMF’s evaluation puts Hondurason the brink of culminating with the conditionsnecessary for $1.2 billion in debt forgivenessunder the HIPC program over thenext 12 years.The final step is the approval of the WorldBank, which is scheduled for this week.PRESIDENT Maduro recognized theefforts of former President Carlos Flores(1998-2002) and Honduran CardenalOscar Rodríguez, both of whom have ledHonduras’ debt-forgiveness campaign.Flores got Honduras accredited for theHIPC program, while Rodríguez, considereda shortlist candidate for the next Pope(see separate story in TT), has been lobbyingfor international debt forgiveness ofHonduras since 1996.Honduras was declared eligible for theHIPC program in 1999, and entered into astrict IMF economic structural-adjustmentprogram aimed at maintaining macroeconomicstability.President Maduro, who took office inJanuary of 2002, continued the economicpolicies laid out by the international lendinginstitutions, which has represented astiff sacrifice of social spending inHonduras over the last years.MADURO explained that the pardoningof $1.2 billion in debt would be animportant achievement in the country’sPoverty-Reduction Strategy, which isaimed at paying down the foreign debt.Honduras, a country of nearly 7 million,70% of whom live in poverty, has atotal foreign debt of more than $5 billion.Nicaragua is the only other CentralAmerican country to benefit from HIPCdebt relief. Under the program, the IMF andWorld Bank granted Nicaragua $4.5 billionin debt forgiveness – approximately 73% ofthe country’s total external debt – in 2003.

Trending Now

Costa Rica’s Festive New Year Traditions in the Pura Vida Spirit

Costa Rican's love a holiday like everyone else, so New Year's is certainly no different. The season of celebrating continues throughout the holidays rolling...

Costa Rican Drivers Risk Fines Without 2026 Marchamo Sticker

As the new year begins here in Costa Rica, traffic authorities report that over 256,700 vehicles across the country lack the 2026 Marchamo sticker,...

Venus Williams Receives Wildcard for 2026 Australian Open at Age 45

Tennis fans around the world got a jolt of nostalgia on New Year's Day when organizers announced that Venus Williams, the seven-time Grand Slam...

Costa Rica’s Warren Madrigal Joins Nashville SC in Major League Soccer Move

Costa Rican forward Warren Madrigal has taken a major step in his career by signing with Nashville Soccer Club in Major League Soccer. The...

Costa Rica’s Route 27 Goes One-Way Sundays in January

Drivers heading back from the Pacific coast can expect changes on Route 27 starting this weekend. The Ministry of Public Works and Transport (MOPT)...

United States Launches Strikes on Caracas, Captures Venezuelan President Maduro

United States forces bombed several sites in Caracas early this morning, leading to the capture of Venezuelan President Nicolás Maduro, according to an announcement...
Avatar
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Travel

Latest News from Costa Rica