International Monetary Fund extends Nicaragua’s facility for an extra year

The executive board of the International Monetary Fund completed the fourth and fifth reviews of Nicaragua’s economic performance under the three-year extended credit facility.

The board also approved an extension of the arrangement through December 4, 2011.

The extension involves a re-phasing of disbursements already scheduled in the arrangement. A total of $19.97 million will be made available immediately upon completion of the reviews, while the rest will be disbursed in two equal tranches of $8.66 million during 2011.

Original source: The Financial