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Intro -- Contents -- Preface -- Chapter 1 -- Elusive Prosperity: Rights, Emigration, and Displacement in Honduras -- Abstract -- Introduction -- Basic Elements of the Human Rights-Based Approach -- Objectives, Content and Scope of the PAP -- Relevance: Emigration or Forced Displacement? -- Correspondence between the PAP and the Causes of Human Mobility -- An Insufficient Approach: Violence, Institutional Weakness, and Corruption -- Structural Factors Not Considered in the PAP -- Conclusion -- References -- Chapter 2 -- Agricultural Modernization in Honduras -- Abstract -- Introduction -- Agricultural Modernization -- The Agricultural Sector's Path to Modernization -- The Outcome -- Becoming More Vulnerable -- The Need for Reflexivity -- Conclusion -- References -- Chapter 3 -- Agricultural Competitiveness, Sustainable Landscapes and Markets: Challenges for Honduran Agricultural Value Chains -- Abstract -- Introduction -- The Changing Agricultural Landscape -- Agricultural Competitiveness and the Challenge of Sustainability -- Conclusion -- References -- Index -- Blank Page -- Blank Page.

Cover -- CONTENTS -- BENCHMARKING SOCIAL SPENDING USING EFFICIENCY FRONTIERS -- A. Background -- B. Benchmarking Methodology -- C. Empirical Results -- D. Implications and Policy Recommendations -- References -- FIGURES -- 1. Public Spending Cross-country Comparisons -- 2. Technical and Allocative -- 3. Benchmarking Education Spending -- 4. Benchmarking Health Spending -- 5. Selected Inputs and Outputs Comparisons -- CORRUPTION, VIOLENCE, AND ECONOMIC GROWTH -- A. Introduction -- B. Theoretical Considerations -- C. Recent Developments -- D. Empirical Results and Model Simulations -- References -- FIGURES -- 1. History of Crime and Corruption in Central America -- 2. High Levels of Corruption Are Associated with… -- MACROECONOMIC IMPACT OF LOWER OIL PRICES IN HONDURAS -- A. Introduction -- B. Methodology -- C. Results -- D. Conclusion -- References -- FIGURES -- 1. Oil Imports and Current Account Balance -- 2. Impulse Response Functions to Structural Shocks -- 3. Impulse Response Functions of Quarter-On-Quarter GDP Growth To Three Structural Shocks -- 4. Cumulative Medium-Term Effect of Oil Shocks in Central America -- BANKING SECTOR STABILITY IN HONDURAS -- A. Introduction -- B. Structure of the Banking System -- C. Credit Cycle -- D. Balance Sheet Soundness Indicators -- E. Banking Sector Stress Tests -- F. Spillovers from International Banking Sector Stress -- G. Conclusion -- References -- TABLES -- 1. Size and Structure of the Financial System -- 2. Banking Sector Soundness Indicator Map -- 3. Banks Sectoral Allocation of Private Credit and Credit Dollarization -- 4. Central America: Comparative Financial Soundness Indicator Map -- 5. Banks Stress Tests Results -- 6. Summary of Combination Shock Bank Stress Test Results -- 7. Spillovers from International Banking Sector Stress -- FIGURES.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS, OUTLOOK AND RISKS -- PROGRAM IMPLEMENTATION -- POLICY DISCUSSIONS -- A. Securing the Fiscal Position while Protecting Social Spending -- B. Upgrading the Monetary Policy Regime -- C. Preventing Financial Vulnerabilities -- D. Improving Governance -- PROGRAM MODALITIES -- STAFF APPRAISAL -- FIGURES -- 1. Real Sector Developments -- 2. External Sector Developments -- 3. Financial Sector Developments -- 4. Public Finances -- 5. Labor Market Developments -- 6. Social Conditions -- TABLES -- 1. Selected Economic Indicators -- 2. Statement of Operations of the Central Government -- 3. Statement of Operations of the Nonfinancial Public Sector -- 4. Summary Accounts of the Financial System -- 5. Balance of Payments -- 6. External Financing Needs and Sources -- 7. External Vulnerability Indicators -- 8. Medium-Term Macroeconomic Framework -- 9. Structure and Performance of the Banking Sector -- 10. Disbursements, Purchases, and Timing of Reviews Under the SBA/SCF Arrangements, 2019-21 -- 11. Indicators of Fund Credit, 2019-28 -- 12. Sustainable Development Goals -- ANNEX -- I. Drivers of the Revenue Underperformance in 2019 -- APPENDICES -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

Cover -- CONTENTS -- STABLE MACROECONOMIC CONDITIONS BUT STILL WEAK INSTITUTIONS AND HIGH POVERTY -- RECENT ECONOMIC DEVELOPMENTS -- POSITIVE OUTLOOK WITH EMERGING DOWNSIDE RISKS -- POLICY DISCUSSIONS -- A. Near-Term Policy Mix to Safeguard Macroeconomic Stability -- B. Resolving Long-Standing Fiscal Issues -- C. Providing a Robust Anchor for Inflation Targeting -- D. Ensuring Financial Stability -- E. Removing Structural Impediments to Bolster Medium-Term Growth -- STATISTICS -- STAFF APPRAISAL -- BOXES -- 1. The Reduction in Crime Since 2013 -- 2. Enhancing Transparency and Public Information Access -- 3. Main Recommendations on Tax Administration -- 4. Stress Test Results -- FIGURES -- 1. Real Sector Developments -- 2. External Sector Developments -- 3. Financial Sector Developments -- 4. Public Finances -- 5. Institutional Factors -- TABLES -- 1. Selected Economic Indicators -- 2. Statement of Operations of the Central Government -- 3. Statement of Operations of the Nonfinancial Public Sector -- 4. Summary Accounts of the Financial System -- 5. Balance of Payments -- 6. External Financing Needs and Sources -- 7. External Vulnerability Indicators -- 8. Medium-Term Macroeconomic Framework -- 9. Structure and Performance of the Banking Sector -- 10. Summary of Stress Tests Results -- ANNEXES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Financial Sector Stability Review Main Recommendations -- IV. Implementation of the 2016 Article IV Key Recommendations -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE INTER-AMERICAN DEVELOPMENT BANK -- RELATIONS WITH THE WORLD BANK GROUP -- STATISTICAL ISSUES.

Cover -- CONTENTS -- BACKGROUND, RECENT DEVELOPMENTS, AND OUTLOOK -- PROGRAM IMPLEMENTATION -- POLICY DISCUSSIONS -- A. Fiscal Policy -- B. Social Protection -- C. Monetary and Exchange Rate Policies -- D. Financial Sector -- E. Structural Reforms -- OTHER ISSUES -- STAFF APPRAISAL -- BOXES -- 1. The Fiscal Consolidation in 2014 -- 2. Reforming Hondutel -- FIGURES -- 1. Recent Developments -- 2. External Sector Developments -- 3. Monetary Developments -- 4. Fiscal Developments -- TABLES -- 1. Selected Economic Indicators -- 2. Operations of the Central Government