Nicaragua, IDB sign agreement to improve fiscal and social management

The Nicaraguan government and the Inter-American Development Bank (IDB) signed an agreement Thursday to finance the improvement of fiscal management and the reform of social expenses, the IDB said.

The agreement, totaling 40.5 million U.S. dollars, aims to support a program of reforms to improve social and fiscal management by increasing the efficiency and transparency of tax collection and the expenses incurred by sustained economic growth and poverty reduction, said IDB Assistant Representative Rafaela Varela.

Varela added that it is the sixth operation out of seven to aid Nicaragua in 2009.

According to the IDB, it has given 162 million dollars this year to Nicaragua for development programs, and it expects to gives ome 170 million dollars in 2010.

In 2008, the IDB contributed some 20 million dollars to the first step of social and fiscal management improvement, and it will appropriate the third amount of 40 million dollars to this program in 2010.

Meanwhile, Nicaragua's Treasury Minister Alberto Guevara said that the agreement between the Nicaraguan government and the IDB will be submitted to the National Assembly in the coming hours to be approved as an urgent issue.

Source: Xinhua