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November 2007 Issue: 2007 - 9Nica - NewsletterDear Friends, The rainy season is nearing an end and it has been a heavy season this year. In the aftermath of Hurricane Felix, aid has continued coming into the country, culminating in a huge donation given by Colombian pop star Shakira, as well as a massive IMF arrangement that will be manifested over the next few years. In addition, USAID donated a large sum of money to buy and transport food and emergency supplies to flood victims. Politically, President Ortega is working with neighboring countries and has signed additional concessions with Honduras over the Gulf of Fonseca, on the Pacific Coast, calling it a “zone of peace”. The country´s borders with Honduras were evaluated and finally settled upon in an agreement over the maritime territories of the two countries. This has been a point of contention between Nicaragua and Honduras for several years, so it is a great stride in improving relations between the two countries. Nicaragua was mentioned not once, but twice in the New York Times travel section in October, which speaks to the growing interest in this intriguing country. People are reading about Nicaragua in reputable sources, and that is always good news. You can continue to help the hurricane victims by clicking on the link below. While they have received lots of aid, they can always use more, as they have to rebuild their entire infrastructures and essentially start from scratch. You can be a part of this effort simply by donating as little as US $50, and know that you are making a world of difference to people in need. Until next time, keep in touch, Mike Cobb
Give your help now to families affected by Hurricane Felix on the Nicaraguan Atlantic Coast. As little as US $50 can make a huge difference for these people in their time of need.Table of Content
Business News and EconomyINVESTMENT COMENTARY: OCTOBER 2007By Javier Morales1 First of all, the IMF has approved a loan worth about $111.3 million under the Poverty Reduction and Growth Facility (PRGF) to support Nicaragua´s economic program. It will result in an immediate disbursement of approximately $18.5 million. PRGF loans carry an annual interest rate of 0.5% percent and are repayable over 10 years with a five and a half year grace period on principal payments. “Nicaragua has made important strides over the last years. Macroeconomic stability has been strengthened, vulnerabilities reduced, and poverty-reduction spending expanded, while important progress has been made with structural reforms,” says IMF deputy MD Murilo Portugal. The government has sent to the National Assembly for approval the National Budget for 2008, which takes into account a successful 10% increase in tax collections in 2007 and a reduction in governmental expenses due to poor execution of the 2007 budget in almost all of the government agencies. The new budget estimates $1.5 billion for 2008. International reserves at the Central Bank were $1.036 billion, as of September 30th, an increase of 12% with respect to last December. Deposits in the financial systems are at the highest levels after the last election, a peak of US$2.316 as of October 6, 2007; a significant increase is expected after the Central Bank decision to reduce the monetary reserves by 3% of deposits in the financial systems, which means additional deposits of $70 million dollars into the financial system. The exchange rate spread is at its minimum level reflecting a lower demand of dollars in the economy. Inflation during the month of September increased by 1.14% and cumulative inflation for the year 2007 reached 8.48 % which is 2% higher than last year for the same period. Inflation is affecting food prices, especially of staples such as rice and beans, a consequence of food aid provided to the population affected by hurricane Felix. Exports are growing as a result of higher commodity prices, and
imports reflect an increase in the trade deficit of $1.155 billion
propelled by the oil shock. Export growth for the first eight months
of 2007 is about 17.6%, due to higher commodity prices and n
increase in export volumes of coffee, sugar, beef and gold. IMF Executive Board Approves US$111.3 Million PRGF Arrangement for NicaraguaPress Release No. 07/224 The Executive Board of the International Monetary Fund (IMF)
today approved a three-year, US$111.3 million arrangement under the
Poverty Reduction and Growth Facility (PRGF) for Nicaragua in
support of the government's economic program. The decision allows an
immediate disbursement to Nicaragua of an amount equivalent to about
US$18.5 million. The PRGF is the IMF's concessional facility for low-income
countries. It is intended that PRGF-supported programs are based on
country-owned poverty and reduction strategies adopted in a
participatory process involving civil society and development
partners and articulated in a Poverty Reduction Strategy paper
(PRSP). This is intended to ensure that PRGF-supported programs are
consistent with a comprehensive framework for macroeconomic,
structural, and social policies to foster growth and reduce poverty.
PRGF loans carry an annual interest rate of 0.5 percent and are
repayable over 10 years with a 5½-year grace period on principal
payments. To read more about the IMF arrangement, Nicaragua´s current status, and a table of Nicaragua´s Economic Indicators, click here. Taiwan, Nicaragua Start Free Trade On Jan. 1October 11, 2007 10:27 p.m. EST Taipei, Taiwan (AHN) - Taiwan and Nicaragua will start implementing a free trade agreement on Jan. 1, 2008, setting zero tariffs on more than 50 percent of Taiwan's exports to Nicaragua and more than 65 percent of Nicaragua's exports to Taiwan for 10 years. Steve R.L. Chen, the economic affairs minister of Taiwan, and Samuel Santos Lopez, the foreign minister of Nicaragua, exchanged the instruments of rectification at the Ministry of Economic Affairs in Taiwan's capital Taipei. Under the agreement, Nicaragua will let 3,374 Taiwanese products into the country without duties. Taiwan will also lift tariffs on 5,797 Nicaraguan products entering the country. After 10 years, products covered by the FTA will be expanded to allow zero-tariff for 97.3 percent of Nicaraguan exports to Taiwan and 95.1 percent of Taiwanese products sold to the Central American country. The two countries started negotiations on the FTA in August 2004. After four rounds of talks, the FTA was ratified on June 16, 2006. Nicaragua, US discuss swapping arms, medical techTue Oct 2, 2007 11:05pm EDT MANAGUA, Oct 2 (Reuters) - Nicaraguan President Daniel Ortega
began talks with U.S. government officials on Tuesday over his offer
to destroy hundreds of old anti-aircraft missiles in exchange for
U.S. medical equipment. He was speaking after talks in the Nicaraguan capital with a U.S.
mission led by State Department official Richard Kidd, in charge of
the weapons removal office.
Country and Tourism NewsUN Draws Honduras, Nicaragua Sea BorderBy MIKE CORDER – 9 October 2007 THE HAGUE, Netherlands (AP) — The U.N.'s highest court Monday granted Honduras sovereignty over four Caribbean islands in its decades-old dispute with Nicaragua, and carved up rich fishing grounds and offshore exploration concessions for oil and gas. The two Latin American neighbors said the new maritime boundary drawn by the International Court of Justice will remove a source of tension between them that in the past has led to the seizures of fishing boats by both sides. Honduran President Manuel Zelaya welcomed the decision. "The importance of our borders is vital as is Honduras' relations with its neighbors," Zelaya said in a televised address from Tegucigalpa. "No one will break the unity of Central America again." To continue reading about the agreement, click here.
Humanitarian NewsShakira announces $40 million in aid for Latin AmericaThu Sep 27, 8:16 PM ET NEW YORK (Reuters) - Colombian pop star Shakira announced a $40 million donation on Thursday to repair damage caused by an earthquake in Peru and a hurricane in Nicaragua. The singer, widely known for her single "Hips Don't Lie," revealed the donation from a foundation she co-founded during a summit on global climate change and development organized by former U.S. president Bill Clinton in New York. Shakira is the co-founder of the Latin America for Solidarity Foundation, ALAS, which means “wings” in Spanish, with Nobel Prize winning author Gabriel Garcia Marquez. "I've seen first-hand many of the challenges facing Latin America," she said in a statement. The two-time Grammy Award winner, who started another foundation to help poor children in Colombia when she was only 18, said 40 million infants do not go to school and 51 million people don't have access to clean water in Latin America. "These are challenging problems that no one person can address, but working together everyone can help make a difference," she added. The ALAS effort for Peru and Nicaragua includes partners like the Spanish Agency for International Cooperation, Telefonica, America Movil and the Red Cross. It aims to guarantee investments for rebuilding education, sanitation and water systems in both countries. Shakira also announced a three-year, $5 million commitment for projects for children in the region, where about 40 percent of the population lives in poverty. USAID Provides Flood Assistance to NicaraguaWASHINGTON, Oct. 24 /PRNewswire-USNewswire/ -- On behalf of the American people, the U.S. Agency for International Development (USAID) has provided $50,000 to humanitarian organizations for the local purchase and transport of emergency relief supplies as a result of the recent floods in Nicaragua. Since October 9, ongoing heavy rainfall has caused severe flooding in more than 170 communities in nine departments, including Chinandega, Esteli, Jinotega, Leon, and Matagalpa in northwestern Nicaragua. Initial reports from the U.S. embassy indicate that the floods resulted in the deaths of at least eight people, affected approximately 20,000 others, caused severe damage to the agricultural sector in some areas, and damaged roads, bridges, and houses, including more than 270 houses in Matagalpa Department alone. At the height of the emergency, approximately 6,000 persons evacuated flood and landslide-prone areas, and relocated to 76 temporary shelters, including 33 shelters in Chinandega and Matagalpa departments. On October 19, U.S. Ambassador Paul A. Trivelli declared a disaster due to the effects of the floods. A USAID disaster specialist deployed to Nicaragua is coordinating the humanitarian response with USAID/Nicaragua and Nicaraguan government counterparts.
Press Articles
Next Stop | Granada, Nicaragua Attracted by a Blend of Centuries and CulturesBy JEFF KOYEN On a recent Saturday night, an invitation-only dance party was in full swing at Asia Latina, a Thai-style restaurant in the Nicaraguan city of Granada. The lights were dim, the music electronic and the kitchen that usually serves up pad Thai closed. And though the blistering sun had long set, a lingering heat hung in the room, which was decorated with Thai tapestries and Indian batiks. The crowd, a lively mix of the city´s young and well dressed, was almost exclusively male. Out front, a rainbow flag sagged in the heavy air. “People talked about that for months,” said Rafael Faria, the restaurant´s youthful 40-year-old owner. “I figure if they want to come in, welcome. If not, eat somewhere else.” Such unabashed liberalism was unheard of just a few years ago in this conservative colonial town. Racked by years of war — most recently by the pro-Marxist Sandinistas from the Iran-contra days — Granada clung to its Catholic roots. To continue reading about Granada, click here.
Ciudad Of DreamsBy JOSEPH HOOPER Published: September 23, 2007 The last time I was in Granada, Nicaragua, was in 1984. My “solidarity gringo” friends and I, in the country to support the embattled Sandinista revolution, were taking a break from the capital city of Managua, where it seemed like every other person had an automatic weapon slung over their shoulder. But in Granada, it was as if we'd been airlifted out of the materially deprived, militarily consumed country and dropped into a charming Mexican colonial town. The houses had red-tiled roofs and brightly painted facades; the outdoor markets actually had fresh fruit and vegetables in them. We took a boat trip to a nearby island in Lake Nicaragua, on whose northwestern shore Granada sits. At the time I regarded the experience as little more than a brief timeout from the country's real business, which was defending and preserving the gains of the revolution. Returning to Granada recently, I found that the city looked much the same, despite the increase of cafes, a expat restaurant or two and some hip backpacker hangouts. The Catedral de Granada and the Convento de San Francisco were still painted in hot, jazzy yellow ocher and baby blue, and the place exuded the same humid tropical beauty. From the top of the weathered bell tower of the Iglesia la Merced, I could see the hulking Mombacho volcano looming over those tiled roofs. The setting was book-cover perfect, down to the tree-lined Parque Central at the center of town, festooned with gazebos and peddler stalls and surrounded on all sides by colonial-style buildings from which modernity has mostly been expunged or simply failed to take root. The horse-drawn carriages that waited by the Parque were almost overkill. “Granada is like a time warp,” one well-to-do Managuan lady sniffed to me at a party I went to later. “Nothing happens... except tourists.” To continue reading about the Ciudad of Dreams, click here.
Travels with Lonely Planet: Nicaragua Overlooked Managua is a proud city with a wild landscapeBy Regis St. Louis Nicaragua's volcanoes, coastlines and colonial towns are no longer a secret among travelers seeking authentic Central America - and they have fewer crowds than neighboring Costa Rica. Yet despite the growing popularity of Granada, Leon and San Juan del Sur, certain places remain well off the tourist radar. Managua, the capital, is one of Nica's most overlooked destinations and has long been dismissed by foreign visitors, who linger in the metropolis only long enough to change planes or catch the first bus out of town. Those willing to scratch beneath the surface, though, find a proud and fascinating city with a wild landscape and rich history. Excellent restaurants and nightlife, cozy colonial hotels and a surreal assortment of sights make for rewarding exploring, and help put this land of lakes, poets and revolutionaries into context To continue reading about Managua, click here.
My long and winding road... to fitnessOct 3 2007 by Ian Hernon, Liverpool Echo PETER Kilfoyle arrived back in Liverpool this week after walking across Central America. The quadruple heart bypass survivor braved the malarial swamps, jungles, mountains and volcanoes of previously war-torn Nicaragua to raise cash for charity. During his arduous trek from the Atlantic to the Pacific coasts the Walton MP also met heavily-armed commandos, “wonderful” local people, a Scouser, an ex-Liverpool university student and teenage Reds fans. To continue reading about Kilfoyle´s adventures, click here.
Dear Friends, Until next time, keep in touch, Barry Dufresne, President
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