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HIPC |
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However, the country must first complete the final phases of HIPC, which has cut external debt service as a ratio of fiscal revenue by two-thirds and replenished foreign exchange reserves previously almost empty to US$1. According to Mario Alonso, president of Banco Central de Nicaragua, "thanks to the implementation of sound policies, Nicaragua reached the relief of over 80 percent of its foreign debt under the HIPC initiative. These funds will go towards fulfilling the President's commitment at the G-8 Summit in Kananaskis, Canada to contribute America's share to filling the projected HIPC trust fund financing gap. |
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