PRELIMINARY DEAL WITH IMF.Honduras reached a preliminary agreement with the International Monetary Fund to give the nation access to US$350 million in loans and forgive as much as US$1 billion in foreign debt, reports Reuters (Nov. 25, 2003):
But first the government of President Ricardo Maduro Ricardo Rodolfo Maduro Joest (born April 20, 1946 in Panama) is a former President of Honduras and Bank of Honduras chairman. Maduro graduated from the Lawrenceville School and later Stanford University. must approve austerity Austerity
See also Asceticism, Discipline.
conservative Christian group in North America noted for its simple, orderly life and nonconformist dress. [Am. Hist. measures and send to Congress reforms aimed at widening the tax base and limiting growth of the government payroll. "These conversations have resulted in a preliminary agreement, at the technical level, for an economic and financial program that could be supported by the International Monetary Fund," an IMF IMF
See: International Monetary Fund
See International Monetary Fund (IMF). mission said in a statement following 15 days of talks in Honduras;
The agreement is expected to be submitted early in 2004 for final IMF approval, once the government has reached agreements with different sectors of the country and implemented cost controls, officials said. The agreement seeks to "reduce fiscal imbalances Fiscal imbalance is the term used by governments to describe a monetary imbalance between the national government and smaller, subordinate governments, such as those of states or provinces. , maintain monetary stability and strengthen the national financial system," said central bank President Maria Elena Mondragon. The proposed measures have provoked sometimes violent protests from teachers, doctors, students, indigenous people and other citizens;
Honduras, among the hemisphere's poorest nations with 80% its 6.6 million people living in poverty, is hoping the three-year loan agreement will also bring debt relief for nearly US$1 billion under an international program for poor nations. Finance Minister Arturo Alvarado said the plan does not contemplate raising taxes or imposing new ones, but rather seeks to widen the tax base and clamp down on tax evasion The process whereby a person, through commission of Fraud, unlawfully pays less tax than the law mandates.
Tax evasion is a criminal offense under federal and state statutes. A person who is convicted is subject to a prison sentence, a fine, or both. . Maduro's administration has passed two fiscal reforms since May 2002 aimed at reaching an agreement with the IMF and improving macroeconomic mac·ro·ec·o·nom·ics
n. (used with a sing. verb)
The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. performance.