In advance of next week's meeting in Tegucigalpa with representatives of the International Monetary Fund (IMF), Honduran Minister of Finance William Chong Wong on Thursday characterized Honduras' financial situation as "chaotic". The Honduran government, which has been hampered by a severe shortage of operating capital and a public debt of US$2 billion left by the previous adminsitration, is seeking monetary support for its national budget from the IMF. Mr. Chong Wong noted that while Honduras is starting to show signs of economic growth, "the financial situation is chaotic; we are broke." He added, "We are not able to meet our immediate debt obligations." One of the main problems cited by Mr. Chong Wong is tax evasion by companies in Honduras. "I cannot tell you exactly how much the government is losing, but it a lot," said Mr. Chong Wong. "The [level of tax] evasion is very high."(7/30/10)
Follow us on Twitter
Join our Facebook group
