Honduras intends to negotiate a new programme with the International Monetary Fund once its current arrangement closes, Central Bank President Roberto Lagos said. The government has not yet defined the priorities, size or conditions of the next agreement, even as it treats continued IMF engagement as part of economic planning.
IMF staff and Honduran officials reached preliminary agreement on the sixth and final review of programmes signed in 2023 under the Extended Fund Facility and Extended Credit Facility. Executive Board approval, expected in late December, would give Honduras access to about $120 million.
Lagos argues that an IMF framework can organise national objectives and align support from other international lenders. Finance Minister Emilio Hernández Hércules wants negotiations to begin before the first quarter of 2027, with a possible three-year programme taking effect in the third quarter.
The economy expanded 3.7 per cent during the first half of 2026 and is projected to grow 3.4 per cent for the year. Headline inflation reached 6.3 per cent in September because of energy and food costs, while core inflation remained lower at 3.5 per cent.
Strong remittances helped net international reserves reach about $11.5 billion in October. The current account posted a surplus equal to 4.1 per cent of output in the first half, but the IMF expects it to swing to a 2.2 per cent deficit for the full year.
The state electricity company ENEE remains the central fiscal risk. The Fund also wants a modern monetary and exchange-rate framework, stronger governance and better-targeted social protection. A public-sector deficit ceiling of one per cent of GDP is expected for both 2026 and 2027.
The unresolved question is how much reform the next programme will demand and who absorbs the cost. Lagos must translate broad continuity into explicit priorities before negotiations begin. Energy losses, inflation and social protection cannot be treated separately because each affects fiscal credibility and household welfare.
