[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109596-en":3,"doc-seo-109596-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},109596,687197207639,"Asher","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","Honduras - Joint World Bank-IMF Debt Sustainability Analysis - June 2020 - Debt distress risk remains low","Honduras’ Joint World Bank–IMF Debt Sustainability Analysis (June 2020) concludes that the country faces a low risk of debt distress for both public external debt and overall public debt. Confidence stems from Honduras’ demonstrated compliance with the Fiscal Responsibility Law and continued institutional reforms aimed at boosting inclusive growth and strengthening the economy’s potential. The assessment incorporates preliminary 2019 debt data, debt composition across domestic and external sources, and contingent liability tests.","Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nHONDURAS  \nJOINT WORLD BANK-IMF DEBT SUSTAINABILITY ANALYSIS  \nJune 2020  \nPrepared jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão (IDA), Patricia Alonso-Gamo and Ana Corbacho (IMF)  \nPub lic Disc losure Authorized  \n\n| Honduras: Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress | Low |\n| Overall risk of debt distress | Low |\n| Granularity in the risk rating | Tool not applicable |\n| Application of judgment | No |\n\nThe Debt Sustainability Analysis (DSA) indicates that Honduras remains at low risk of debt distress both for public external debt and overall debt. 1,2 Honduras’ proven record of compliance with the Fiscal Responsibility Law (FRL) provides confidence that the response to the COVID-19 pandemic will not jeopardize debt sustainability. Going forward, continuous adherence to theFRLand institutional reforms to boost inclusive growth and increasethe economy’s potential are critical to recover quickly from the crisis and maintain debt sustainability.  \n1 This DSA updates the previous joint IMF/WB DSA prepared in July 2019 in the context of the Honduras Article IV staff report (IMF Country Report No. 19/236) .  \n2 Honduras’s debt carrying capacity is assessed to be strong based on a composite indicator of 3.21 that uses the April and October 2019 WEO vintages and the 2018 CPIA.  \nBACKGROUND  \n1. Total public debt increased in 2019 due mainly to higher domestic borrowing. 3 Gross public debt stood at 43.1 percent of GDP at end-2019, up by 1.1 percentage points of GDP since 2018, of which 30.8 percentage points corresponded to external public and publicly guaranteed (PPG) debt and 12.3 percentage points to domestic debt (Text Table 1) . Domestic debt explained most of the increase, reflecting in part the financial imbalancesfaced by the state-owned electricity company (ENEE) .  \n2. PPG external debt has increased slightly since 2016. Following a US$700 million international bond issuance in 2017, the PPG external debt-to-GDP ratio increased to 30.8percent in 2019. Total external debt reached 38.5 percent of GDP—up from 38.1 percent in 2018—mainly driven by an increase in private external debt of 0.4 percent of GDP. Private external debt has rebounded to the level shown five years ago .  \n\n| Text Table 1. Honduras: PPG Debt Stock Composition by Level of Government |\n| --- |\n| (End-of-year stock, in percent of GDP)\u003Cbr>2015 2016 2017 2018 2019 Domestic Debt Central government 8.1 8.9 7.4 8.4 9.2 Local governments 0.8 0.9 1.0 1.2 1.4 Nonfinancial public companies 2.1 1.9 1.2 1.7 1.7 Total 11.0 11.7 9.6 11.3 12.3 External Debt Central government 27.3 27.3 29.3 29.5 29.7 Local governments 0.0 0.0 0.0 0.0 0.0 Nonfinancial public companies 0.9 1.1 1.1 1.3 1.0 Total 28.2 28.4 30.5 30.7 30.8 Total Debt Central government 35.4 36.3 36.7 37.8 39.0 Local governments 0.8 0.9 1.0 1.2 1.4 Nonfinancial public companies 3.0 3.0 2.3 3.0 2.8 Total 39.2 40.1 40.1 42.0 43.1 Memorandum item Private External Debt 7.9 7.0 6.7 7.4 7.8\u003Cbr>Source: Country authorities. Preliminary data for 2019. |\n\n3 2019 data used in this DSA is preliminary and subject to change.  \n3. Public debt is mostly held by foreign creditors (Text Figure 1) . The share of PPG external debt stood at 71.4 percent of total public debt as of end 2019. The main creditors to Honduras are international bondholders, the Inter-American Development Bank (IDB), the Central American Bank for Economic Integration (CABEI), and the World Bank, which provide lending at long maturities, particularly in the case of the multilaterals. Public domestic debt is mainly held by commercial banks, has a shorter—though rising—maturity (over 4 years), and carries a higher real interest rate. In March 2018, the government placed a 15-year bond in the local market a","cbCaion99Rt6v0J5","https://ap.wps.com/l/cbCaion99Rt6v0J5","pdf",561909,1,19,"English","en",105,"# Executive Summary\n## Debt distress risk ratings\n## Background: public debt dynamics\n## Debt composition and creditor structure\n## Scope and contingent liability coverage","[{\"question\":\"What is the overall conclusion of the Honduras joint DSA (June 2020)?\",\"answer\":\"Honduras remains at low risk of debt distress for both public external debt and overall debt.\"},{\"question\":\"Why does the analysis indicate confidence in maintaining debt sustainability during COVID-19?\",\"answer\":\"The document links confidence to Honduras’ proven compliance with the Fiscal Responsibility Law and the expectation of continued adherence to it and related reforms.\"},{\"question\":\"What does the DSA cover when assessing debt for the public sector?\",\"answer\":\"It covers nonfinancial public sector debt, including general government debt and nonfinancial state-owned enterprises’ debt (guaranteed and non-guaranteed), plus debts from entities treated as private under Honduran law but registered per GFSM guidance.\"}]",1784481428,48,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"honduras-joint-world-bank-imf-debt-sustainability-analysis-june-2020-debt-distress-risk-remains-low","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/honduras-joint-world-bank-imf-debt-sustainability-analysis-june-2020-debt-distress-risk-remains-low/109596/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What is the overall conclusion of the Honduras joint DSA (June 2020)?","Question",{"text":74,"@type":75},"Honduras remains at low risk of debt distress for both public external debt and overall debt.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"Why does the analysis indicate confidence in maintaining debt sustainability during COVID-19?",{"text":79,"@type":75},"The document links confidence to Honduras’ proven compliance with the Fiscal Responsibility Law and the expectation of continued adherence to it and related reforms.",{"name":81,"@type":72,"acceptedAnswer":82},"What does the DSA cover when assessing debt for the public sector?",{"text":83,"@type":75},"It covers nonfinancial public sector debt, including general government debt and nonfinancial state-owned enterprises’ debt (guaranteed and non-guaranteed), plus debts from entities treated as private under Honduran law but registered per GFSM guidance.","https://schema.org",{"og:url":51,"og:type":86,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":88,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":91},[92,96,100,104,109,114,119,122,127,130,134],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":45,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":45,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":45,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":45,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":21,"doc_module":4,"doc_module_name":45,"category_name":135,"show_sort_weight":105,"slug":136},"General","general"]