MercoPress. South Atlantic News Agency

Nicaraguan president Ortega abides by IMF requirements

Nicaragua's president Daniel Ortega has taken the oath to the new four members of the Central Bank board, one of the conditions demanded by the IMF to sign a three year support and monitor financial program.

Nicaraguan Central Bank president Antenor Rosales said over the weekend that the responsibility of the board is to ensure price stability and a normal compliance of international and domestic commitments. The naming of the four new members was part of the understanding reached with the IMF for the financial agreement signed October 2007 and which remained unaccomplished because of political difficulties. President Ortega is a close ally of Venezuela's Hugo Chavez and is a member of the trade and development organization started by the Venezuelan president, ALBA (Bolivarian Alternative for the Americas). The Nicaraguan government last September had finally agreed with the IMF to name the new four members of the Central Bank board, following the resignation of three seats last May. However the National Assembly which had to confirm support for the agreement did not meet for two months because the opposition was protesting an alleged fraud in November's municipal elections. But last January 22nd parliament again convened and approved the naming of three new members, to replace those who had resigned, and a fourth whose term was up. Nicaragua, one of the poorest countries of Latinamerica and despite the rhetoric of the current Ortega administration is highly dependent on significant international support