LatinNews Daily Report - 10 August 2012

POLITICS | Lobo names new finance minister. On 9 August President Porfirio Lobo swore in economist Wilfredo Cerrato as the new finance minister. Cerrato replaces Héctor Guillén, who quit on 1 August following a scandal implicating his wife. Cerrato is the third finance minister under the Lobo administration, which took office in January 2010. Guillén had replaced William Chong who resigned on 13 February, citing the pressures of his job and hinting that he could not meet the conflicting demands of the public for additional social spending and the International Monetary Fund (IMF)’s requirements to meet stringent fiscal targets as part of its loan agreement with Honduras. Arranging a new stand-by agreement with the IMF will be a key challenge for Cerrato.

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