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
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.
They suspended $2.57 million in budget support and warned that they are expecting "free and transparent election" on Sunday.
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.
There are concerns that the trade partners are constructing a commercial “house of cards” built on shaky foundations made of political rhetoric.
Albalinisa is a Venezuelan – Nicaraguan joint venture in the frame of the ALBA treaty, with growing food exports to Venezuela.
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