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.
A "preliminary agreement" was struck, under which $35 million would be disbursed in October if a series of measures are enacted.
Some of the measures requested by the International Monetary Fund (IMF) include reforming the 2009 Budget and concluding a proposal for the 2010 Budget.
"Disbursement of the money, warned IMF, will depend on the degree of progress in implementing the agreed measures, which would be evaluated by the Directorate of the Fund by the end of October", reported Nicaraguan newspaper La Prensa.
The International Monetary Fund (IMF) will direct the resources to those economies suffering the most at finding financing.
The IMF announced yesterday its decision to increase its efforts to support those countries affected by the crisis, and is considering advancing liquidity for short periods, but on the condition that proper administration be of said funds be carried out.