Thursday 04 December
2008, San José, Costa
Rica
Panama Electoral
Process Underway
Honduras Shuns IMF
Recipes
Cuba Celebrates Day of
Lat Am Medicine
Venezuelan Leader Urges
Referendum Campaign For
Unlimited Terms
UNASUR Reports on Bolivia Massacre
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Honduras Shuns IMF
Recipes
Tegucigalpa - Honduran
Central Bank (BCH)
President Edwin Araque
said recipes issued by
the International
Monetary Fund are
obsolete.
Araque says Honduras
refused the IMF orders
to devaluate the lempira
(local currency) and cut
cash flow to cope with
the world money crisis,
since neoliberalism and
globalization have
failed.
He told El Heraldo daily
that Honduras will feel
the stress of world
recession in the first
quarter of 2009 since
overseas remittances and
exports of traditional
products to the US and
Europe have dropped.
Inflation in November
showed some stability at
10.9 per cent, said
Araque, a drop owed to
making the public pay
for inflated fuel prices
and entrepreneurial
decision to cut the
price on staple food
items.
Honduras had the highest
growth in Central
America with 5.2 per
cent until September
2008 under the Monthly
Economic Activity Rate
but Araque reminds as a
fact that the
superpowers will only
get over the recession
by mid 2010.
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