World Bank2012-06-112012-06-112007-11-19https://hdl.handle.net/10986/7669Macroeconomic developments in Honduras over the last four years have been generally favorable, largely reflecting a benign external environment. Honduras' medium-term macroeconomic outlook, however, is clouded by several significant fiscal challenges. These challenges include: (a) rising operating losses of the public enterprises; (b) rising public wages; and (c) popular pressures to increase subsidies in transport, fuel, and electricity, as well as to freeze gasoline and energy prices, in the wake of international oil price hikes. To satisfy the rapidly rising demand for education in Honduras, the educational wage bill will have to rise by approximately 41 percent in real terms over the next 10 years. Even without any further adjustments in 2010, due to the agreement reached with the teachers union in August 2006 (PASCE) salary increases are coupled with projected enrollment demand the educational wage bill stands to increase by 141 percent over the next 10 years.en-USCC BY 3.0 IGOACCOUNTINGALLOCATIONANNUAL INCOMEARTICLEAVERAGE GROWTHBILLING ERRORSBUDGET PROCESSBUDGETINGCAPACITY-BUILDINGCAPITAL EXPENDITURESCAPITAL INVESTMENTCAPITAL TRANSFERSCASH BASISCASH FLOWCASH TRANSFERCENTRAL BANKCENTRAL GOVERNMENTCENTRAL GOVERNMENT BUDGETCENTRAL GOVERNMENT EMPLOYMENTCENTRAL GOVERNMENT SPENDINGCIVIL SERVANTSCIVIL SERVICECOMMODITIESCOMMUNITY EDUCATIONCONTINGENT LIABILITIESCOST RECOVERYCOST-EFFICIENCYCOST-RECOVERYCURRICULUMDEBT BURDENDEBT RATIODEBT RELIEFDEBT SERVICEDEBT SERVICE PAYMENTSDEBT SUSTAINABILITYDECENTRALIZATIONDEFICIT LEVELDEVELOPMENT BANKDISTRIBUTIONAL IMPACTDOMESTIC DEBTDROUGHTEARLY RETIREMENTECONOMIC GROWTHECONOMIC MANAGEMENTEDUCATION PROGRAMEDUCATION PROGRAMSEDUCATION SERVICESEDUCATION SPENDINGEDUCATIONAL ATTAINMENTEFFICIENCY GAINSEFFICIENCY IMPROVEMENTSEFFICIENCY OF PUBLIC SPENDINGETHNIC GROUPSEXPENDITURE CUTSEXPENDITURE OUTCOMESEXPENDITURE POLICYEXPENDITURE REQUIREMENTSEXPENDITURESEXTERNAL ASSISTANCEEXTERNAL DEBTEXTERNAL FINANCINGEXTERNAL GRANTSFAMILY ALLOWANCESFINANCIAL BALANCESFINANCIAL CRISISFINANCIAL MANAGEMENTFINANCIAL MANAGEMENT INFORMATIONFINANCIAL MARKETFINANCIAL PROBLEMSFINANCIAL SECTORFINANCIAL SUPPORTFINANCING OF GOVERNMENT DEFICITSFISCAL ADJUSTMENTSFISCAL BALANCEFISCAL CONSTRAINTSFISCAL COSTFISCAL DEFICITFISCAL IMPACTFISCAL PRESSURESFISCAL REFORMFISCAL REFORMSFISCAL RISKFISCAL SAVINGSFISCAL STABILITYFISCAL SUSTAINABILITYFIXED COSTSFUTURE GROWTHGOVERNMENT ACCOUNTSGOVERNMENT CONSUMPTIONGOVERNMENT EXPENDITURESGOVERNMENT FINANCESGOVERNMENT REVENUESGROSS DOMESTIC PRODUCTGROWTH RATEHEALTH INSURANCEHEALTH OUTCOMESHEALTH SECTORHEALTH SERVICESHEALTH SPENDINGIMPORT TARIFFSIMPORT TAXESINCOME TAXINFLATIONINFLATION RATEINFLATION RATESINFRASTRUCTURE DEVELOPMENTINTEREST PAYMENTSINTERNAL CONTROLSLITERACYLITERACY PROGRAMLIVING STANDARDSMACROECONOMIC INDICATORSMACROECONOMIC STABILITYMARGINAL COSTMARKET DEVELOPMENTMINISTRY OF FINANCEMUNICIPAL LEVELMUNICIPALITIESNATIONAL INCOMENATIONAL INCOME ACCOUNTSNET CAPITALNET LENDINGOIL PRICESOPEN ECONOMIESOPPORTUNITY COSTORGANIC BUDGET LAWPENSIONPENSION FUNDPENSION SYSTEMPENSION SYSTEMSPERFORMANCE INDICATORSPERSONNEL MANAGEMENTPOVERTY FUNDPOVERTY RATEPOVERTY RATESPOVERTY REDUCINGPOVERTY REDUCTIONPOVERTY REDUCTION STRATEGYPRIMARY EDUCATIONPRIVATE FINANCEPRIVATE INVESTMENTPRIVATE SECTORPROGRAM REVIEWSPROGRAMSPUBLIC BORROWINGPUBLIC DEBTPUBLIC EDUCATIONPUBLIC EMPLOYEESPUBLIC ENTERPRISESPUBLIC EXPENDITUREPUBLIC EXPENDITURE MANAGEMENTPUBLIC EXPENDITURE MANAGEMENT SYSTEMSPUBLIC EXPENDITURE REVIEWPUBLIC EXPENDITURESPUBLIC FINANCESPUBLIC FINANCIAL INSTITUTIONSPUBLIC HEALTHPUBLIC INFRASTRUCTUREPUBLIC INVESTMENTPUBLIC INVESTMENT SPENDINGPUBLIC POLICY OBJECTIVESPUBLIC RESOURCESPUBLIC SECTORPUBLIC SECTOR BUDGETPUBLIC SECTOR SPENDINGPUBLIC SECTORSPUBLIC SERVICESPUBLIC SPENDINGPUBLIC WORKSQUALITY OF EDUCATIONREAL EXCHANGE RATERESOURCE ALLOCATIONRESOURCE ALLOCATIONSREVENUE INCREASESROAD FUNDROAD MAINTENANCESALARIESSALARYSALES TAXSANITATIONSCHOLARSHIPSECONDARY EDUCATIONSECONDARY SCHOOLSERVICE PROVISIONSEVERE FINANCIAL CRISISSOCIAL ASSISTANCESOCIAL INDICATORSSOCIAL OUTCOMESSOCIAL PROTECTIONSOCIAL SECURITYSOCIAL SECURITY CONTRIBUTIONSSOCIAL SERVICESSTAKEHOLDERSSUSTAINABILITY ANALYSISSUSTAINABILITY OF REFORMSTAX PAYMENTSTAX REVENUETAX REVENUESTAX SYSTEMTOTAL EXPENDITURETOTAL EXPENDITURESTOTAL PUBLIC SPENDINGTOTAL SPENDINGTRANSPARENCYTREASURY SYSTEMSVOUCHER SYSTEMWAGEWAGESWORTHWorld Bank10.1596/7669