Debt relief gives Honduras a chance to escape poverty cycle

Honduras This Week.  July 17.  On July 1st, the World Bank announced the cancellation of part of Honduras' debt. While nearly everyone in Honduras applauds this move, controversy has arisen over how the money will be spent.

Honduras was eligible for debt relief under the Highly Indebted Poor Countries (HIPC) Initiative. Over the next fifteen years, Honduras will have $1.293 billion of its $5.5 billion debt forgiven by the multilateral lending institutions. It is expected that this money will be used to promote development and alleviate poverty. "Additional debt relief will help Honduras channel resources into programs that directly help the people who need it most," said Paul Wolfowitz, President of the World Bank. (more)

More than just numbers

Tegucigalpa.  July 5. The work of embassies is often thought to be in the realm of "high politics", focusing on issues such as war and peace, security, and strategic alliances. However, in an increasingly global world, where one bad day on the market can undermine a country's economic security, issues once thought to be of low political importance have become a major part of what embassies do.

For example, the economic division of the U.S. embassy in Honduras is responsible for representing a broad range of U.S. business interests and works on behalf of major financial institutions like the IMF and World Bank. (more)

AmCham's efforts improve American-Honduran trade market Tegucigalpa. July 3. AmCham has been steadily working towards further improving commercial ties between Honduras and outside countries over the past few months. "We have never had this opportunity before in history," said Juan Carlos Casco, American Chamber of Commerce in Honduras' Executive Director, speaking of the benefits that the free trade agreement has brought. "It is a new economic era for Honduras. We are rapidly receiving interest from prospective international investors." (more)

Demystifying the Chamber's Secrets: Juan Carlos Casco, American Chamber of Commerce, encourages commerce between Honduras and the U.S.

Honduras, 6 mar (Honduras This Week) -Juan Carlos Casco is a man on a mission. In charge of the non-profit-making, apolitical American Chamber of Commerce in Honduras (AmCham for short), he has a task that is simple to describe but that he acknowledges will be hard to achieve, at least in the short term: to promote and encourage commerce between Honduras and the USA and through this protect Honduras' economic interests. (complete text)