LatinNews Daily - 07 May 2021

In brief: IMF announces staff-level agreement with Honduras

* The International Monetary Fund (IMF) has said that it reached a staff-level agreement with Honduras on the conclusion of the fourth review under their economic reform programme supported by the Stand-By Arrangement (SBA) and Stand-by Credit Facility (SCF) and proposed to increase access under the SBA/SCF by US$215m to about US$769m. According to the IMF, the increase is justified in the context of balance of payments needs brought on by the tropical storms 'Iota' and 'Eta' which made landfall in November 2020 and the continued coronavirus (Covid-19) pandemic, which resulted in Honduras's GDP contracting 9% in 2020. The financing will support the authorities’ reconstruction efforts and to combat Covid-19. The agreement is subject to approval by the IMF’s Executive Board, tentatively scheduled for June.

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