• Costa Rica Coffee Guide

IMF says job done in Nicaragua, closes office

March 30, 2016

MANAGUA, Nicaragua – The International Monetary Fund said Wednesday it will close its office in Nicaragua in August because its job was done helping the country reduce debt and poverty, and to get on the path to sustainable growth.

“This decision reflects the success Nicaragua has had in maintaining macroeconomic stability and growth” since the conclusion of a debt-reduction program in 2011, the IMF’s representative in the country, Juan Zalduendo, told a media conference.

He added that the IMF would maintain its six other offices in Latin America — in Guatemala, Honduras, Haiti, Jamaica, Brazil and Peru.

The head of Nicaragua’s central bank, Ovidio Reyes, told the same media conference that the closure showed the country’s “good macroeconomic results” in recent years.

The IMF opened its Nicaragua office in 1995 to supervise programs aimed at stabilizing the poor Central American nation’s economy and reining in high foreign debt in the wake of decades of revolution and war.

In 2005, the IMF included Nicaragua in its debt relief program under its Heavily Indebted Poor Countries Initiative. Nicaragua successfully exited the program in 2011.

In the last decade the country has posted growth of over four percent a year, except in 2009 during the global financial crisis.

Last year it announced that between 2009 and 2014 it had cut the proportion of its population living in poverty from 45 percent to around 30 percent — an achievement hailed in a February report by the IMF.

 

You may be interested

Costa Rica the right choice for many seeking cardiac care
Sponsored content
5 views
Sponsored content
5 views

Costa Rica the right choice for many seeking cardiac care

Sponsored Content - April 16, 2021

Without insurance, cardiology visits and procedures in the United States can be incredibly expensive. Even with insurance, the cost for…

Costa Rica to meet Mexico in CONCACAF Nations League semifinal
Costa Rica
3732 views
Costa Rica
3732 views

Costa Rica to meet Mexico in CONCACAF Nations League semifinal

Alejandro Zúñiga - April 16, 2021

The Costa Rica men’s national soccer team will face Mexico in Denver as part of the CONCACAF Nations League semifinals.…

Costa Rica issues Yellow Alerts due to heavy rainfall
Costa Rica
2491 views
Costa Rica
2491 views

Costa Rica issues Yellow Alerts due to heavy rainfall

The Tico Times - April 15, 2021

The National Emergency Commission (CNE) on Thursday established Yellow Alerts due to weather that is impacting much of Costa Rica.…