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Honduras: Venezuelan connection

Thursday, December 8, 2011

WHAT President Porfirio Lobo wants Honduras to rejoin Petrocaribe, an initiative launched by Venezuelan President Hugo Chávez in 2005, under which member countries get cheap oil, in exchange for strengthening ties with the Bolivarian Republic.

WHY Since his election in 2010, Lobo has done little to fulfill his promises to fight crime and create jobs.

WHAT’S NEXT With annual expected savings on oil purchases of close to $200 million, Lobo plans to invest in public-works programs, hire more police officers, and pay the equivalent of $45 a month to families with school-age children. Cozying up to Chávez may be surprising for a President from the traditionally right-wing National Party. But Honduras needs money. Also, a move to the left could help the party win the next national election, to be held in 2014.

For more information, please contact Esteban Alvarez at [email protected]