Abstract
The COVID-19 pandemic and massive external spillovers are expected to hit Honduras hard, with deep social and economic implications. They are projected to prompt a recession and create large additional financing needs, including due to a deterioration in external financing conditions amid large public sector rollover needs. These shocks are compounding existing strong headwinds to growth in Honduras from exogenous factors, notably related to climate change. To support the policy response to the crisis, the authorities decided to draw on available Fund resources for SDR 104.92 million in late March, used for budget support.
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