Nicaragua: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility Request for Waivers of Performance Criteria and Financing Assurances Review, Staff Report; Staff Statement; Press Release on the Executive Board

Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waivers of Performance Criteria, and Financing Assurances Review—Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Nicaragua

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 071

Publication date: March 2004

ISBN: 9781451829211

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Banks and Banking , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , Public Policy - Social Services and Welfare , staff appraisal , sale of ENITEL , PRGF loan , IMF Completes Fourth Review , inflation rate in December , Poverty reduction strategy , Government debt management , Poverty reduction , Domestic debt , Central America , IMF staff representative , telecommunications company , Poverty reduction and development , International reserves

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Summary

The draft 2004 budget passed by the assembly is consistent with the Financial Sector Assessment Program (FSAP). Achieving the programmed strengthening of the tax effort remains a challenge. On the expenditure side, the aim is to improve the anti-poverty and pro-growth orientation of public spending. The operating surplus of state enterprises is improved in 2004. The stance of monetary policy is appropriate, as evidenced by the continued achievement of the program objectives for Net International Reserves (NIR) and inflation (in the context of the crawling peg regime).