Special Law for Economic Acceleration and Social Protection in Honduras
On the initiative of the Executive, the National Congress approved the Special Law for Economic Acceleration and Social Protection against the effects of the Coronavirus, which will allow the implementation of actions such as increasing the health budget and boosting the economy to counteract the global effects of the pandemic.
This new law presented by the Executive Branch and approved by the National Congress, in addition to strengthening the health sector, seeks to energize the economy and generate employment. It does not imply an increase in the 2020 budget, but rather a readjustment of it. Nor does this law imply the creation of new taxes or the increase of existing ones.
Another important point of the law is that it empowers Banhprovi to take the necessary measures to guarantee financing through financial products and services and other strategies that result in facilitating access to the productive sectors.
This new law also includes important measures in favor of the productive sectors so that they can readjust their debts. This will be done through the National Commission of Banks and Insurance (CNBS) and the Honduran Bank for Production and Housing (Banhprovi), seeking to make credit more feasible and thus make a significant contribution to the country’s economy.
Vanessa Oquelí de Riera
Managing Partner
García & Bodán
Honduras
*This article was written with the support of Jenny Rodríguez, Law Clerk.