Nicaragua admits that it is running out of funds

Daniel Ortega admitted that the European Union has frozen $43 million as well as the impact that the cancellation of the Millennium Challenge Account by the US will have.

Wednesday, December 3, 2008


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The Nicaraguan president proposed aid from Venezuela as the only alternative to overcome the freezing of external cooperation, despite the fact that Venezuela is going through a severe economic crisis due to the drop in the price of petroleum.

According to the media, Ortega admitted that some countries, such as Finland and Germany, have withdrawn their economic aid, as well as the non-payment by the EU, and this has resulted in the increase of the budget deficit.

He said that the deficit will be cover by a promise from Hugo Chavez, even though he did not given any amount or date for the aid.

Ortega said that the "de-financing of the budget" due to the withdrawal of aid to Nicaragua by the Budgetary Support Group, which includes the EU, European countries and Canada, adds up to more than ...

More on this topic

Finland withdraws aid to Managua

November 2008

They suspended $2.57 million in budget support and warned that they are expecting "free and transparent election" on Sunday.

This was the statement by Marko Lehto, budget support and governance adviser from the Finnish Embassy, according to an interview with the political weekly Confidencial that was republished in the El Nuevo daily.

Nicaragua: $ 171 Million in Loans from IDB

December 2010

The financial institution confirmed the release of the funds for 2011 to support projects in the power sector, transportation sector and budget support, among others.

This was announced by the representative of the organization in the country, Mirna Liévano, adding: "Nicaragua has already met all the requirements of transparency for accessing new loans from the IDB."

Nicaraguan Exports to Venezuela

July 2010

There are concerns that the trade partners are constructing a commercial “house of cards” built on shaky foundations made of political rhetoric.

During Daniel Ortega’s government exports from Nicaragua to Venezuela have increased from $2m to $119m. The figure for 2010 will likely be double the latter. The main products exported are beans, meat and livestock.

Alba Foods of Nicaragua

January 2011

Albalinisa is a Venezuelan – Nicaraguan joint venture in the frame of the ALBA treaty, with growing food exports to Venezuela.

The creation of Alba Foods Nicaragua (Albalinisa) was funded by a $ 880 000 loan approved by the National Assembly of Venezuela in late 2008. The Nicaraguan press links Albalinisa and its directors to Albanisa, the company which manages the supply of Venezuelan oil to Nicaragua.

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