05 November 1998
Hurricane Mitch will have lasting effect
DEVASTATING floods in the wake of Hurricane Mitch will have a lasting effect on Central Americas long-term development, Governments and aid agencies have warned.
Agricultural workers in Honduras face ruin. Many of the 25,000 people employed in the countrys banana industry employs face redundancy until plantations can be brought back to production, a process likely to take a year.
In Nicaragua around 500,000 of the 4 million population have been affected. Staple foodstuffs, such as rice and beans, are in short supply.
Honduras and Nicaragua spend large amounts of their limited export income servicing foreign debt commitments.
Honduran authorities have already had talks with international lenders about a debt moratorium because of the drastic cut in agricultural income.
- Hurricane Mitch boosts coffee markets, FWi, yesterday (04 November, 1998)
- Financial Times 05/11/98 page 8