The negotiations will be held in the Nicaraguan capital, Managua, and will continue until 17 September.
El Nuevo Diario reports statements from the president of Nicaragua's central bank, Antenor Rosales: "we are determined to achieve general agreement with this mission to enable the existing credit and debt servicing program we have with the IMF to be formally recognized by the fund's directorate by November or early December".
The article adds that, "the result of these negotiations will determine whether the IMF provides $36 million this year and backing for an additional $42 million from the Inter-American Development Bank (IDB)".
IMF Executive Board Completes First Review of Honduras' Economic Program.
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Honduras' economic performance under a program that combines two different IMF credit lines, the Stand-By Arrangement (SBA) and the Stand-By Credit Facility (SCF).
The extension allows the immediate disbursement of $ 20 million.
The Executive Board of the International Monetary Fund (IMF) today completed the fourth and fifth review of economic developments in Nicaragua under the Credit Facility Extended (SCA) and agreed to extend the agreement until December 4th, 2011.
The country and the IMF agreed to extend the three-year financial and economic program signed in October 2007 for two more months.
By signing the letter of intent (which must be ratified by the board of the International Monetary Fund-IMF), the economic program will conclude this next December and not on October 4th, as originally planned.
The country expects to signs a Letter of Intent related to the technical extension of the IMF's Extended Credit Facility.
Antenor Rosales, President of Nicaragua's Central Bank, added that in this week's negotiations they have discussed two letters of intent.
"The first is related to the fourth and fifth revision of the economic program and its enlargement for 2011, while the other is about a discussed two-month extension, which could be signed today", reported El Nuevo Diario on its website.
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