An International Monetary Fund (IMF) team, led by Emilio Fernandez Corugedo, concluded a visit to Tegucigalpa on September 26, 2025, after discussions with Honduran authorities regarding the country's economic performance and policy implementation. The outcome of these talks is a staff-level agreement for the completion of the fourth reviews under Honduras’s Extended Credit Facility (ECF) and Extended Fund Facility (EFF). The IMF Executive Board is expected to consider this case later in the year.
According to Mr. Fernandez Corugedo, “The Honduran authorities and the IMF team have reached staff-level agreement to complete the fourth reviews of the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements. The IMF’s Executive Board is expected to consider the case later this year.”
He added that strong policies, increased remittances, and favorable export prices have helped Honduras maintain stability during global uncertainty and an election year. Macroeconomic indicators show robust growth at 3.9 percent for the first half of 2025. Inflation was reported at 4.2 percent in August, within the Central Bank's target range, though core inflation remains higher. International reserves rose to $9.7 billion.
Mr. Fernandez Corugedo stated: “The team and the authorities agreed that strong economic policies, a surge in remittances, and favorable export prices have allowed Honduras to continue to navigate successfully this period of exceptional global uncertainty and in the context of an election year. Macroeconomic policy performance has remained strong and supportive of program objectives. Economic activity indicators point to robust growth of 3.9 percent in the first half of 2025. Headline inflation, at 4.2 percent in August, has remained within the tolerance range of the Central Bank of Honduras’ (BCH’s) inflation objective, while core and services inflation remain modestly higher. International reserves have increased to US$9.7 billion, appropriately strengthening Honduras’ external buffers amid a challenging global environment.”
Efforts towards structural reforms were highlighted as ongoing priorities for Honduran policymakers, especially fiscal reforms aimed at transparency ahead of a Financial Action Task Force evaluation planned for 2026.
Fernandez Corugedo noted: “The authorities have redoubled efforts in the implementation of their structural agenda, achieving important milestones and regaining traction in key areas... advances have been made in support of structural fiscal reforms... Likewise, the authorities... continue to lay the ground for the critical long-term international energy tender planned for early 2026.”
Fiscal discipline remains central as well; plans are underway for a deficit target set at 1.5 percent of GDP for 2025 and one percent for 2026.
“The authorities reiterated their strong commitment to a prudent macroeconomic policy mix,” said Fernandez Corugedo.
Social spending targets are reportedly on track with progress on household census data collection intended to expand support programs for vulnerable groups.
Other priorities include maintaining monetary stability through vigilant data-driven approaches by Banco Central de Honduras (BCH), continuing reforms in energy sector management with focus on ENEE’s financial health—supported by loans from regional banks—and increasing transparency via published audits.
Corruption prevention measures are also advancing with plans for new whistleblower laws and strategies aimed at improving governance before next year's FATF evaluation.
Fernandez Corugedo concluded: “The IMF team would like to thank the authorities, the private sector, and other counterparts for their kind hospitality and candid discussions.”