Nicaragua hunting for investors
His country is desperately cash poor, so Nicaraguan President Daniel Ortega is looking for investment money any which way he can. But it's going to require some crafty negotiating, Dan Grech reports.
Nicaragua (CIA World Factbook)
TEXT OF STORY
MARK AUSTIN THOMAS: Nicaragua is the second-poorest nation in the Western Hemisphere, after Haiti, and its president Daniel Ortega is looking for investment money wherever he can find it. Right now he's on a 10-day trip to the Middle East including stops in Libya and Iran. Meanwhile today back at home Nicaraguan officials begin a new round of talks with the International Monetary Fund. Sound like a contradiction? From the Americas Desk at WLRN Marketplace's Dan Grech explains.
Dan Grech: Daniel Ortega is traveling to the Middle East on a luxury Boeing jet provided by Libyan dictator Moammar Gadhafi.
American University's Bob Pastor calls it canny negotiating. President Ortega wants the IMF to loosen its reigns on Nicaragua's economy.
Bob Pastor: He wants more funds with less strings. And to the extent that he has other options, his bargaining position vis-a-vis the IMF is strengthened.
Ortega says within five years, he wants to be free of the IMF — a desire echoed by many left-leaning presidents in the region.
Larry Birns directs the Council on Hemispheric Affairs.
Larry Birns: These Latin American countries are attempting to develop alternatives that don't depend upon Western style institutions.
But first, Nicaragua would have to do something about the billions it owes international lenders.
I'm Dan Grech for Marketplace.
TEXT OF STORY
MARK AUSTIN THOMAS: Nicaragua is the second-poorest nation in the Western Hemisphere, after Haiti, and its president Daniel Ortega is looking for investment money wherever he can find it. Right now he's on a 10-day trip to the Middle East including stops in Libya and Iran. Meanwhile today back at home Nicaraguan officials begin a new round of talks with the International Monetary Fund. Sound like a contradiction? From the Americas Desk at WLRN Marketplace's Dan Grech explains.
Dan Grech: Daniel Ortega is traveling to the Middle East on a luxury Boeing jet provided by Libyan dictator Moammar Gadhafi.
American University's Bob Pastor calls it canny negotiating. President Ortega wants the IMF to loosen its reigns on Nicaragua's economy.
Bob Pastor: He wants more funds with less strings. And to the extent that he has other options, his bargaining position vis-a-vis the IMF is strengthened.
Ortega says within five years, he wants to be free of the IMF — a desire echoed by many left-leaning presidents in the region.
Larry Birns directs the Council on Hemispheric Affairs.
Larry Birns: These Latin American countries are attempting to develop alternatives that don't depend upon Western style institutions.
But first, Nicaragua would have to do something about the billions it owes international lenders.
I'm Dan Grech for Marketplace.
