On May, the board of the IMF could approve it and disburse $18 million, out of $35.6 pledged for 2010.
Antenor Rosales, president of the Central Bank of Nicaragua, stated that the Government successfully passed the fourth revision of its macroeconomic program with the International Monetary Fund (IMF), known as Extended Credit Facility (ECF).
Rosales explained he will soon sing the Letter of Intent, which describes the policies and actions that the government will assume with the IMF to reach a level of economic growth of 2% per year.
Should the country receive a positive grade, IMF would disburse $17.8 million out of the $35.6 million it has earmarked for Nicaragua in 2010.
Antenor Rosales, president of the Central Bank of Nicaragua, told local media that the International Monetary Fund will review the situation of the nation’s economy.
Rosales commented that this revision will include quantitative goals, energy rates, status of the Social Security Institute, a reform to the Central Bank law, budget reforms and the 2010 budget.
Democracy, education, jobs and public safety, as well as poverty, social inequality are some of the main challenges facing Nicaragua.
Government representatives such as the president of the Central Bank of Nicaragua (BCN), Antenor Rosales, admitted that the "absence of a true national model adopted by a wide cross-section of the Nicaraguan society, the inadequate results from models applied in the history of our country, demonstrate the urgent need for the adoption of a consensus model to eradicate poverty and reduce inequalities."
The Government of Nicaragua has committed to the IMF to finish the year with an inflation index of 18.1%
It also hopes that the Gross Domestic Product (GDP) of the country will grow by 3 to 4%, according to the president of the Central Bank (BCN), Antenor Rosales.
The president of the BCN said that the "letter of intentions" shows the commitment of Nicaragua to maintain macroeconomic and financial stability, which will be reviewed in Washington in the next few months in order to maintain the agreement with the country so that credit cooperation (valued at $118 million) by the organization con continue to flow.
Judge Julio César Arias has decided to lift the impoundment of the Cenis securities.
Armando Juárez, special prosecutor who directed the Cenis investigation, said Judge Arias has reponded to the petition of the President of the Central Bank of Nicaragua, Antenor Rosales, who argued for the national interest.
The lifting of the impoundment occurs a week after central bank authorities and Banpro signed an agreement to lengthen the maturity time for the payment of the Cenis and to lower the interest rate.
Amid tensions over a truckers strike, rumors that the government was planning a 20 percent devaluation of the córdoba swept Nicaragua at the weekend but they were immediately denounced as false.
José Adán Aguerri, head of the leading business organization, the Cosep, said that nothing that was happening in the nation's economy pointed to the need for any such devaluation.