Nicaragua
Gets $151 Million From IMF To
Face Crisis
MANAGUA (Reuters) - Nicaragua, one
of the poorest countries in the Americas,
said it received $151 million in Special
Drawing Rights from the International
Monetary Fund to help it cushion the impact
of the global financial crisis.
Nicaragua's central bank said in a statement
on Friday the money will help boost the
country's international reserves and
strengthen the financial system.
The country, which depends heavily on money
sent home by Nicaraguans working abroad and
whose top exports include coffee and
bananas, will get an additional $14 million
from the IMF in the first half of September,
the central bank said.
The IMF agreed in April to issue its member
countries $250 billion in Special Drawing
Rights, or SDRs, a mechanism to improve
liquidity by printing new money to
counteract the effects of the crisis.
Mexico was expected to receive the bulk of
some $4 billion in SDRs on Friday, with a
smaller second tranche due next month.
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