Minutes prior to the summit Friday between the presidents of Central America -- including President Porfirio Lobo -- and the Dominican Republic and United States Secretary of State Hillary Clinton in Guatemala City, President Lobo was notified by representatives of the World Bank (WB) and the International Monetary Fund (IMF) of their formal recognition of his government. According to Mr. Lobo's personal secretary, Reinaldo Sánchez, both the WB and the IMF "recognize that in Honduras there is a legitimate and democratic government elected through a transparent electoral process". The news opens the way for restarting the flow of credit from these institutions to Honduras. Yesterday, the WB also officially reactivated some US$30 million in loans via Honduras' Investment and Development Fund (FIDE) in support of commercial projects, while the IMF unfroze US$164 million in funding for Honduras. (3/6/10) (photo of Hillary Clinton and Porfirio Lobo courtesy Internet)
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