August 29, 2009 / 2:20 AM / in 8 years

Nicaragua gets $151 mln from IMF to face crisis

MANAGUA, Aug 28 (Reuters) - Nicaragua, one of the poorest countries in the Americas, said it received $151 million in Special Drawing Rights from the International Monetary Fund to help it cushion the impact of the global financial crisis.

Nicaragua’s central bank said in a statement on Friday the money will help boost the country’s international reserves and strengthen the financial system.

The country, which depends heavily on money sent home by Nicaraguans working abroad and whose top exports include coffee and bananas, will get an additional $14 million from the IMF in the first half of September, the central bank said.

The IMF agreed in April to issue its member countries $250 billion in Special Drawing Rights, or SDRs, a mechanism to improve liquidity by printing new money to counteract the effects of the crisis.

Mexico was expected to receive the bulk of some $4 billion in SDRs on Friday, with a smaller second tranche due next month. (Reporting by Ivan Castro; Editing by John O‘Callaghan)

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