Central America Fiscal Outlook

With the exception of improvements in Nicaragua and Honduras, in the rest of the Central American countries problems in public finances range from latent in Panama and already serious in Guatemala, to critical in Costa Rica and El Salvador.
From the report "Macrofiscal Profiles: 4th Edition" by the Central American Institute for Fiscal Studies (Icefi):

The first months of 2015 have been extremely difficult for the finances of most of the countries in Central America, particularly because of the structural problems they face and which, in many cases, have been overlooked by the government of the day. However, and even though each case must be analyzed separately, the general features suggest that the ultimate goal of each Central American country has been to ensure fiscal sustainability in each country by controlling the levels of fiscal deficit and total indebtedness. 

To advance the analysis of Central America's financial situation, it is convenient to group the nations of the region together, in order to be able to understand the different directions that each of them has followed. First there are the countries whose budgetary outcomes are relatively manageable and which have even shown an improvement with respect to the pattern observed in previous years.

In this group is Honduras, with its implementation of the tax reform of 2014 and a significant austerity policy, especially on issues related to wages and salaries of workers in the centrally managed administration, having reduced the level of the fiscal deficit from the previous year and maintained a strong track record this year, to the extent that the information available at the time of press shows a budget surplus of 0.2% of gross domestic product (GDP) and a reduction of debt to GDP from 45.6% to 42.5%.

Source: www.centralamericadata.com