TEGUCIGALPA, Honduras, Jan. 9, 2018 /PRNewswire/ -- In a telephone call on Sunday, Jan. 7, Honduran President Juan Orlando Hernández thanked Alejandro Werner, the Director of the Western Hemisphere Department for the International Monetary Fund, for reaffirming his organization's support for Honduras's economic development program.
Werner called President Hernández to congratulate him on his victory in Honduras's November 26 presidential election. The two also discussed the president's economic priorities: maintaining steady economic growth, creating jobs, reducing economic inequality, and improving citizens' quality of life.
For the first time in Honduran history, the administration recently completed a three-year Stand-By Arrangement with the IMF. Under the arrangement, approved on December 4, 2014, the IMF agreed to provide development aid to the Honduran government if it met certain economic conditions, as measured by six semi-annual inspections over three years.
After meeting the conditions of the Arrangement last year, the Honduran government was given access to $109.64 million in development aid from the IMF. The government plans to treat these funds as precautionary.
"The authorities' commitment to their reform agenda has remained strong during the program, which has successfully stabilized the economy," Acting Chair and Deputy Managing Director of the IMF's Executive Board Tao Zhang said in an IMF press release.
Moving forward, the Hernández administration plans to continue to make the country's economic health a priority by prioritizing fiscal discipline and macroeconomic stability.
"It's my goal to raise the standard of living for all Hondurans by creating jobs and investment opportunities in our country," President Hernández said. "Over the next four years, my administration will draw on the IMF's support to help realize that goal."
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SOURCE Republic of Honduras
