Parliament Approves Budget Reform

NSCAG News | on: Wednesday, 13 April 2011

The Nicaraguan National Assembly approved a 1.6 billion Cordoba increase in social spending last Thursday thanks to the country's budgetary surplus. The sum is equivalent to over £44 million and is equal to 6% of the government budget for 2010.

According to Ivan Acosta, the Vice-Minister for the Economy, the government the money will be spent on the state-owned ENACAL water treatment company, on healthcare, education, infrastructure and agricultural and transport sector subsidies. He also underlined that much of the money will go on education, to help improve school dinners and said "we are fulfilling our promises."

The Nicaraguan Central Bank and the IMF recently coincided in their conservative estimates of economic growth, predicting that the Nicaraguan economy will probably grow by 3.5% in 2011. The Nicaraguan economy grew by 4.5% in 2010 with strong exports, increased foreign investment and massively increased social spending.

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