Harold Doan and Associates, CA
The Executive Board of the International Monetary Fund (IMF) has completed the second review of Honduras' performance and the financing assurances review under an SDR 71.2 million (about US$107.5 million) Poverty Reduction and Growth Facility (PRGF) arrangement approved on February 26, 2004.
The completion of this review allows Honduras to draw a further SDR 10.17 million (about US$15.4 million), bringing the total amount released under the arrangement to SDR 30.5 million (about US$46.1 million). In completing the review, the Board waived the nonobservance of one performance criterion on public sector wages, taking into account compensatory measures and the package of monetary, fiscal, and structural measures that have been implemented to safeguard the program objectives.
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