Nicaraguan Debt Cancellation by G8 Does Not Solve all Problems
Nicaraguan President Enrique Bolaños said cancellation of the foreign debt by the Group of the Eight (G8) is good news, but does not solve the country´s serious indebtedness and social problems.

Nicaragua was included in the 18 poor African and Latin American nations that will benefit from the debt cancellation that totals some $16.7 billion.

Bolaños told the press he does not know how much the amount is, because G8 has not yet said on what basis the cancellation will be.

The president said that will be announced in July, when the heads of State and Government meet in Scotland, although he expects it is in the order of a billion US dollars.

According to experts, the economic adjustments carried out have the objective of complying with the regulations of the International Monetary Fund and the World Bank.

The sources asserted that in a short time or no time at all, they have helped reduce poverty, hunger, and unemployment rates in the nation that remains the poorest of the sub region and the second poorest country in Latin America, after Haiti.