Nicaragua as Seen by the IMF in May 2012

The Nicaraguan economy has recovered strongly supported by high export prices and a reasonable macroeconomic policy.

Tuesday, May 15, 2012

A statement from the International Monetary Fund (IMF) reads:

Mr. Marcello Estevao, Head of IMF Mission to Nicaragua, made the following statement:

"The Nicaraguan economy has recovered strongly from the global financial crisis of 2008-09. Backed by high export prices, significant cooperation and concessional flows of foreign direct investment and a macroeconomic policy which has generally been adequate, the economy registered growth rates above the 4.5% average in 2010-11. Inflation rates have remained relatively controlled, the fiscal accounts have improved with the tax reform of 2009 and the greater dynamism of economic activity, and the position of the Central Bank reserves has strengthened. In addition, the financial sector has remained stable and credit to the private sector has begun to recover.

"The prospects for 2012 are generally positive. Economic growth is projected slightly lower than in 2011 due to the contraction of global activity, and the rate of inflation has been located approximately between 8 and 9% due to rising energy prices. The risks to this outlook include slower growth in global activity, an adverse shock to the terms of trade, and sudden changes in the flows of foreign aid or foreign direct investment.

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Costa Rica: Macroeconomic Program 2014-2015

January 2014

The Central Bank has lowered its inflation forecast to 4% for 2014 and projects increases in interest rates in colones and dollars.

From a Communiqué from the Central Bank of Costa Rica:

The Board of the Central Bank of Costa Rica, in Article 4 of the 5633-2014 session of January 29, 2014 approved the 2014-15 macroeconomic program.

Honduras as Seen by the IMF at the end of 2012

December 2012

GDP is expected to grow 3.3% in 2012, supported by strong domestic demand, and inflation should fall to 5.7%.

From the press release by the IMF:

An International Monetary Fund (IMF) mission visited Honduras during November 26-December 10 to conduct discussions for the 2012 Article IV consultation.

IMF: 'Lempira is Overvalued'

June 2014

A recommendation has been made that there be greater exchange rate flexibility within the current regime which would strengthen the external position and alleviate the costs of fiscal adjustment.

From a press release issued by the International Monetary Fund:

On June 9, 2014 the Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Honduras.

Nicaragua as Seen by the IMF in December 2016

December 2016

"Nicaragua's main challenge is to maintain strong, sustainable and inclusive growth in the context of increased uncertainty regarding global trade and economic activity."

From a press release by the IMF:

  • Despite challenging external conditions, economic activity remains buoyant
  • The financial system appears to be robust, notwithstanding strong credit growth
  • Nicaragua needs to continue strengthening its public finances by creating fiscal buffers

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