Fund says Nicaragua has no need for program

Nicaragua does not need funds from an International Monetary Fund program, but it did ask the Fund to act as an advisor for at least two years, central bank President Alberto Guevara said.

Nicaragua had a $120 million financial aid package from the IMF that expired in 2011 and it had been in talks with the Washington-based lender over a new deal.

The Fund's deputy director for the western hemisphere, Miguel Savastano, said in August that after almost two years without an economic agreement, Nicaragua did not urgently need a Fund program because it had a solid and stable economy.

Source: Reuters