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Honduras gets bigger loan from IMF

International 05 Jun, 2020 Follow News

Hondurans are in desperate need of help

Honduras is going to get a huge financial package from the International Monetary Fund.

It has increased overall financing access for Honduras to about $531 million, immediately releasing $233 million, more than five times the amount initially approved.

Increasing the access under the Stand-By Arrangement and the Arrangement under the Standby Credit Facility will help cover financing needs to help the impoverished nation respond to the impact of the novel coronavirus.

"The COVID-19 pandemic and external spill overs are expected to hit Honduras hard, and the augmentation of access will support the authorities' response to mitigate the impact," the fund said in a statement.

It added that these changes "will help Honduras meet urgent balance of payments needs stemming from the pandemic, including increased health care and social spending". Honduras has confirmed 5,202 cases of the virus and 212 related deaths.

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