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Article Excerpt
Honduras will not sign an agreement with the International Monetary Fund (IMF) this month as scheduled, postponing the accord for a third time. The government announced a delay on May 25 owing to the failure of the Congreso Nacional (CN) to pass a civil-service law, according to Finance Minister Arturo Alvarado.
The IMF has conditioned fresh money on action by the government to reduce its deficit, reduce the state apparatus, and freeze salaries, among other things. The new civil- service law will trigger massive public-sector layoffs. An agreement encompassing these measures was to have been signed in June 2002, but this bullet was too hard to bite, and postponements followed.
In the meantime, the already impoverished government was forced to assume the costs of failures in the banking system, and the IMF does not factor that into its analysis of what the government must do to satisfy its requirements. The CN will also have to privatize water service, against the popular will.
President Ricardo Maduro has suffered the ire of the populace for his actions in trying...
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