RN~ TO\RESTRICTED ORTs D Report No. CA-lb This report was prepared for use within the BanK and its affiliiated organizanions. They do not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing their views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELCPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION CURRENT ECONOMIC POSITION AND PROSPECTS NICARAGUA March 26, 1971 Central America and Caribbean Department EQUIVALENTS Currency U.S $1q00 = 7 Cordobas (CA) 1 C$ = $0.128 Measures 1 Manzana = 1.727 acres = 0.69 hectares TABLE OF COVNTN Page No. BASIC DATA SUMMARY AND CONCLUSIONS . . . . . . . . . . . . . . . . . . .. i - ii I. INTRODUCTION....N... . . . . . . . . . . . . . . ... II. PUBLIC INVESTMENT AND ITS FINANCING . . . . . . . . . . 3 Investment . . . . . . . 3 lcf--- :, - r - L.t * rUj.-L.2LLZ1-.16 ruu."u otiur nSourcu-S oIb. APuli CULTURr neource. . . . . . . . . . . 10 Recent trends. 10 Main issues. . . . . . . . . . . . . . 11 IV. INDUSTRY . . . . . . . . . . . . . . . . . . . . . . 13 Recent de elopments . . . . . . . . . . . . . . . . . . 13 Prospects. . . . . . . . . . . . . . . . . . . . . . . 13 V. SOCIAL SECTORS . . . . . . . . . . . . . . . . . . . . . 16 Population . . . . . . . . . . . . . . . . . . . . . . 16 Education . . . . . . . . . . . . . . . . . . . . . . 16 Housing. . . . . . . . . . . . . . . . . . . . . . . 18 VI. MONEY AND CREDIT ................... 19 VII. BALANCE OF PAIMENTS AND CREDITWORTHINESS . . * * * * * * 20 Recent developments. . . . . . . . . . . . . . . . . . 20 Outlook for 1971 and 1972 . . . . . . . . . . . . . * 22 STATISTICAL APPDNIX MAP This report is based on the findings of an economic mission to Nicaragua in July/August 1969 composed of Messrs. Huber (Chief), Lari, Echeverria, DaCosta (Loan Officer), Vieira (Agricultural Economist), Boon (Industrial Economist) and Snitzler (Transport Economist); discussions with the Government (March 1970); and on an updating mission by Mr. A. Churchill in November 1970. BASIC DATAW Area 50.0 thousanc square miles Population 1970 ('o00) 2,000 Growth Rate, average 1965-19701Y 3.0 percent p.a. Birth Rate, average 1965-1969 44.7 per '000 Density per square km. (1970) 15.6 persons 1968 1969 1- 0 GNP, constant market prices (1958 prices) 4,141 4,392 4,542 Per Capita 2,199 2,265 2,274 Per Capita, (US$) 314 324 325 GDP, current market prices 4,909 5,135 5,598 Growth Rate (percent) 3.8 4.6 9.0 Real Growth, annual average 1966-1970 (percent) - - - - - - -.1- - - - - - - Sectoral Contribution (percent) 31 Agriculture 28.0 28.5 27.5 Mining 1.2 1.3 1.0 Manufacturing 16.2 18.1 19.1 Construction 3.3 3.6 3.4 Transportation and Communication 4.9 4.9 4.9 Public Administration and Defense 8.3 5.7 5.7 Commerce 19.5 19.4 19.3 Other Branches 18.6 18.1 19.1 Percent of GDP (current market prices) Gross Fixed Investment 15.5 17.5 16.4 Private 11.4 13.0 11.3 Public 4.1 4.5 5.1 Changes in Stocks 2.3 2.2 2.0 Gross National Savings 10.9 13.9 12.9 Private 8.6 11.6 9.7 Public 2.3 2.3 3.2 Public Sector Current Revenues 18.8 18.8 19.3 Public Sector Current Expenditure 16.5 16.5 16.1 1/ All data are in million Cordobas, unless otherwise specifLed. 1970 data are estimates. 2/ Plnning, Offire estimae 1968 1969 1970 Public Sector Operations Investment 201.5 231.1 284.5 Savings 112.6 120.6 175.9 Savings/Investment Gap 88.9 110.5 108.6 (Percent of Investment) (W4.1) (W7.8) (38.2) Internal Borrowing (net) 5.1 52.0 6.5 External Financing (net) 83.8 58.5 102.0 Resource Gap as Percent of Investment 17.7 11.8 10.7 Money and Prices AIL/ Money Supply 488.1 513.1 535.2Y Liquidity Ratio (Money: GNP, percent) 10.1 10.1 9.9h Quasi-money 220.9 232.9 255.5i' Cost of Living Index (1958=100) Annual Change (percent) Average Annual Change (1965-1969)1/ ---- - - 5.3 Balance of Payments (mil. US$) Exports of Goods and Services 188.0 184.3 200.9 Imports of Goods and Services -210.1 -201.4 -216.4 Resource Gap - 22.1 - 17.1 - 15.5 Net Investment Income - 26.1 - 25.0 - 27.9 Current Account Deficit - 48.2 - 42.1 - 43.4 Private Capital?/ 13.5 18.4 27.0 Public Capital (net) 37.2 15.5 22.8 Errors and Omissions - 0.3 - 1.6 - 0.7 Change in Reserves (- = increase) - 5.5 3.5 - 12.5 Commodity Concentration of Exports (Percent) Cotton 36.8 28.6 19.6 Coffee 14.0 13.0 18.0 Meat 9.8 13.1 14.9 External Public Debt (mil. US$)2' Total Debt Outstanding (beginning of period) 127.6 215.9 216.6 of Thicnh )ishrsed onlv 79.5 107.8 119.2 Debt Service Ratio 6.8 9.0 12.3 1/ Implicit GDP deflator. 2/ Includes private capital, private transfers and banking sector. 3/ Debt with an original or extended maturity of over one year; repayable in foreign currency only. 4/ November 30. 1968. 1969 1970 Foreign Exchange Reserves, net (mil. US$) 1.1 - 2.4 10.1i Bank Group Operations, as of Dec. 31, 1970 Committed Di;sbursed (mil. Us$) IBRD 62.3-/ h8.1 IDA 3.0 3.0 Inlude $3'. million of SDR.I 9/ Inciuding $2. mi.lioncancelation. L D RY AXD CONCLUSIONS i. Owing to the small size and openness of the economy, Nicaragua's economic growth depends primarily on export performance. Over the last five decades Nicaragua has suffered severe cyclical downswings in economic activity because of weak markets for its major crops - bananas (before World War II), coffee (1950's), cotton (1960's). During 1970 exports increased by 16 percent, compared with an average of 3.2 percent in 1967- 69, and real growth of GDP was about 4.5 percent. The major reason for this substantial improvement in exports was the growth in 1970 of "new" exports which increased by 21 percent, while cotton and coffee, the tradi- tional exports, increased only by 5.6 percent. In the medium-term (1971- 1975) exports are expected to grow at about 8 percent per annum, which would provide the impetus for an annual GDP growth of 6 percent. A major objective of economic policy is now the diversification of exports. The process of export diversification is already underway, the medium-term prospects being encouraging for meat, shrimps, bananas (United States Market), a variety of manufactured and semi-processed agricultural commodi- ties (Central American Common Market), and yuca (European Common Market). ii. A year ago Nicaragua was confronted by a severe fiscal crisis. Because of an expected shortage of public sector savings, the original 1970 budget proposed a 30 percent cut-back in public investment, including the postponement of projects partly financed by external agencies (IBRD, IDB, USAID). However, the Government eventually adopted an alternative fiscal program which enabled it to reinstate several projects in the 1970 budget. The primary measure taken was a 5 percent general sales tax (ex- pected to yield an additional C$ 50 million, or 10 percent of the estimated 1970 revenue, in a full year), which was supported by vigorous action to collect direct taxes, particularly through accelerated application of the results of the cadastral survey. Thus, Central Government savinRs in 1970 increased to an estimated C$ 103 million, C$ 74 million higher than expected a year ago, mainly because of higher revenues (less than 20 percent is attributable to lower current expenditure). In 1971, the effect will be even greater, with the current surplus expected to reach C$ 154 million. The new revenue measures will enable the public sector to finance substan- tially increased direct investments (from less than 5 percent of GDP in 1969 to 6.5 percent in 1972). iii. The Government, largely through the Banco Nacional (BNN) and Instituto de Fomento Nacional (INFONAC), the two state development bankn, and with the help of external lenders, has developed an ambitious program of long-term credit lines to agriculture and industry. About two-thirds of the program is devoted to export diversification schemes. In order to sustain this program, the Government will have to continue its nolicy of extending credit lines at appropriate terms to the private sector and must begin the difficult job of penetrating new markets. while giving the strongest possible support to the CACM. However, the implementation of this program will be affected by the financial condition of !MFONAC. Es-- pecially in the last three years INFONAC has been experiencing a liquidity crisis and is running down its capital. A serious effort should be made to place INFONAC's operations on a sound footing. - it - iv. In March 1970, interest rates were raised to a level more in line with International rates. The Central Bank rediscount rates were increased from a range of 3-8 percent to 4-12 percent. Commercial bank lending rates have alsn increased tn an average rate of about 12 nprcent. Interest rates on time deposits and short-term paper range from 6.5 to 10.5 nprent-. ThPP higher interest rates represent a useful inrentive for a greater mobilization of private savings through the banking system. Stpnq have nlan han tnken tn redrce the level of "frnyn" redit-a 4n the banking system. v. Although growth has now apparently resumed at a satisfactory rate, there will continue to be cyclical downswings, unless the structure of the economy is strengthened. This will require, among other things, the reintroduction of some degree of planning. Te.W Government seems increasingly aware of this and is considering the establishment of an effective planning office. In-, addition, a serious efort should be made to strengthen individual ministries and autonomous agencies in order to i.. prove project preparation and iMple menta C aa iv a a j- ect content to the investment program beyond 1972. vi. Relatively little new external borrowing is likely to be required 4n the next w years, since thaere is a large au o undisU..rsed proj ect assistance in the pipeline. Beyond 1972, the maintenance of Nicaragua's t L V L U.Lv WL.Lty jlargely depend on success of the expOrt iU.LVeLi-L- cation drive. Much will also depend on how quickly the CACM overcomes its present crisis. Provided recent improvements inl domestic LLLpolic a sustained and the present difficulties of the CACM are resolved, Nicaragua should be creditworthy for the foreign borrowing needed tO SuppOrt a level of public investment much higher than in recent years. I. INTRODUCTION 1. With a total population of about 2 million, Nicaragua, the largest in area of the five countries forming the Central American Common Market (CACM), is also the least densely populated. Its rich agricultural resources have been exploited intensively only along the Pacific Coast. Nicaragua's economic fortunes have been traditionally linked with fluctuating supply and export market conditions for one or two commodities. Thus, over the last four or five decades Nicaragua has developed from a banana to a coffee -- and, more recently, to a cotton - economy. Income per capita has been rising ra- pidly since the early 1950's reaching about US$325 (at 1958 prices) by 1970, but the pattern of growth has followed that of the export cycles. Moreover, income distribution remains very uneven. Similar patterns are observable in almost all macro-economic variables; government revenues, public investment, money supply, credit, have all moved more or less in step with the agricul- tural export cycle. Periods of rapid growth were generally accompanied by fiscal and balance of payments surpluses, increasing investment rates and a substantial mobilization of resources, while export downswings gave rise to balance of payment crises and fiscal difficulties. 2. The most recent cotton export boom, which allowed the economy to grow annually at over 8 percent in real terms during 1960-65, sharply accentuated its monoculture characteristics. During the upswing little restraint was exercised; credit was liberally given to finance the cotton expansion and interest rates were kept at levels lower than justified by the then world prices for capital. Since credit was granted largely as a function of the area planted, credit policy helped to induce cotton culti- vation on increasingly marginal lands. Costs rose rapidly and when the combination of weather and various insect plagues led to a reduction in output of the 1965-66 crop, it initiated a downward spiral in the whole economy. Since credit, public expenditures and imports continued to grow rapidly, despite falling exports and a stagnating domestic resource base, a sharp fiscal and balance of payments deterioration occurred in 1966 and 1967. Moreover, there is considerable evidence suggesting that a substan- tial portion of credit expansion was directed to ventures of doubtful eco- nomic merit. The rapid increase in the frozen portfolio of the banking system was not .merely a reflection of the generally deteriorating economic situation, but also an indication that credit decisions had not always been made according to economic criteria. 3. The Government tried to resolve the problem by substantially increasing short- and medium-term borrowing abroad. But faced with a rapidly rising debt service burden and negative international reserves at the end of 1967, it had to introduce, belatedly, sharp credit restrictions, import surcharges and a tight public expenditure control. These measures were effective in arresting the deterioration of the fiscal and balance of payments situation, but further hampered the growth process. The down- ward spiral was to some extent mitigated by the rapid expansion of the industrial sector (14 percent per year from 1966 to 1969) under the sti- mulus of new industries for the CACM and an urban construction boom that lasted well into 1968. A number of new exports- narticilarlv mpnt. also grew rapidly. These expansionary forces were probably just sufficient to offset any decline in per capita income. This in itself is a fairly re- markable achievement considering that the major export, cotton, declined in value by almost 50 percent between 1965 and 1970, or from 60 percent to 20 percent of total exports. 4. By 1969 there was a growing awareness that a more active public development policy was urgently required. Both in 1969 and 1970 the Govern- ment took strong action to make the allocation of credit to the cotton sector more selective, increase interest rates and raise taxation to support a much higher level of public investment. This, together with higher coffee prices, buoyant non-traditional exports (particularly to the CACM) and the expectation that the worst of the cotton crisis is over supports a more opti- mistic outlook for the Nicaraguan economy in the next few years. The following account gives some details of recent events and analyses.the out- look in the main productive sectors, the social sectors, public finance, money and credit and balance of payments. II. PUBLIC INVESTMENT AND ITS FINANCING Investment 5. Traditionally the public sector - three-fifths of which is accounted for by the Central Government - has been a modest contributor to gross domestic investment. The level of public investment has varied considerably from year to year. During the upswing in economic activity revenues proved quite responsive and a large part of the increase went into investment, which peaked at about 6 percent of GDP in 1966. During the downswing revenues have declined, and because current expenditures are not very flexible downward, public investment dropped off sharply, to less than 4 percent of GDP in 1968. 6. The structure of investment during the recent past was fairly typical for Central America. The bulk of investible resources was chan- nelled into transportation and power, which accounted for roughly two- thirds of total public investment during 1963-69. As a result, the economic centers along the Pacific coast were provided with an adequate and well-maintained transport network, and Nicaragua became one of Central America's countries best endowed with installed electric capa- city per head. Infrastructure investments have been concentrated in the Pacific plain and, to much lesser extent, in the Central region, leaving the relatively unpopulated Atlantic coast without much infras- tructure. Public investment in social sectors was much more modest in spite of the obvious needs to build more schools, water supply and sewerage systems and hospitals for a rapidly growing population. Begin- ning in 1966 public investment in agriculture and industry was stepped- up with a view to diversifying the economy and offsetting the expected protracted slump in the two major export crops (cotton and coffee). While most of the public investment effort in agriculture entailed the channeling of credit to the private sector through the two state devel- opment banks, the public sector also became increasingly involved directly in building irrigation systems and agricultural storage facilities. 7. In recent years an attempt has been made to expand the role of the public sector. Investments have been channeled into new areas and institutions mainly in agriculture, industry and education. The relative Inexperience of these institutions in handling a substantial investment program has brought to the surface the lack of efficient institutions and absence of coordinating machinery within the public sector as 'one of the major constraints to Nicaragua's present development effort. 'In some sectors (power, transport, water supply) there are institutions which al.- ready have .a competent staff capable of handling a sizeable investment pro- gram. 8. Early attempts to establish some form of planning machinery were not successful. Unrealistic plans, lack of access of the planning office to the policy makers and general inexperience, all contributed to the dis- illusionment of the Government with the formal process of planning. Re- cently th'ere h-as been a revival of int-erest- in a moeefetvmto of coordinating public sector activity. A committee consisting offthe Secretary of the Presidency, M"inister of Commerce and Inuty and.__ the3-1 ~LL Lii LI~ ~L~aU~LL~7 LL.LLL5LCLLII ~UWI~L.~~1U JLLLUUOLLY, OLSU LLIC Director of the Central Bank has been established to coordinate the external borrowing plans of the public sector. YLet to be confronted is the problem of establishing priorities among as well as within sectors. 9. If the major objective of Nicaragua's medium- and longer-term development effort, i.e. to reduce the economy's dependence on cotton and coffee by developing new export lines, is to be achieved, public investment will have to play a much more important role than in the recent past. it will be crucial in directly supporting the export drive by channelling domestic savings and external credits to the private sector both directly and through the public development banks, whose present undercapitalization is a serious constraint on their diversification programs. Equally important is the provision of adequate power and transport capacity and education facilities to improve, in the longer run, the economy's competi- tiveness in the world market. Furthermore, rapid population growth and urbanization call for high direct investment in social infrastructure. 10. In the past, inadequate administrative capacity and lack of public savings have been identified as the main bottlenecks to a higher and differently structured public investment. As a result of the recent tax measures (see below paras. 21 and 22) and some institutional improvements, Nicaragua now appears to be in a better position to carry out a stepped-up investment program. However, in order to make sure that public resources are being channeled to the areas of highest priority every effort should be made to develop the existing investment project lists of the spending agencies into a comprehensive medium-term investment and financing plan which would reconcile the priorities of each sector with the overall priorities and the resources available. In the absence of such a plan beyond the Central Government budget for 1971, the projections presented in Table I below are merely indicative of the possible size of public investment expenditures in 1971-72 given the likely availability of resources. Nevertheless, judging from the existing large pipeline of undisbursed foreign loans (amounting to some $100 million at the end of 1970) there appears to be sufficient project content to these investment levels. Table I.: FINANCING PUBLIC INVESTMENT, 1967-1972 (in millions of Cordobas) 1967 1968 1969 1970 1971 1972 Actuals Est. Projections Total Investment 272.7 201.5 231.1 284 356 410 ( of GDP) (5.8) (3.9) (4.5) (5.1) (6.0) (6.5) Savings on Current Account 145.2 112.6 190. 176 941 255 (% of GDP) (3.1) (2.2) (2.4) (3.2) (4.0) (4.0) Net Domestic Borrowing 64.6 5.1 52.0 6 15 15 Net External Borrowing 62.9 83.8 58.5 102 100 140 Disbursements 89.0 118.2 114.31 15 16A 205 Amortizations 26.1 34.4 55.8 51 60 65 11. The increased availability of funds has already led to a con- siderable rise in investment during 1970. Central Government investment rose by over one-third reaching again the peak levels attained in the mid-1960's. Most of the increase took the form of capital transfers to the rest of the public sector which had been curtailed substantially in the last few years. INFONAC and BNN, the two public financial inter- mediaripq were the chief beneficiaries in line with their urent need tn step-up credit programs. For 1971 the budget calls for a similar increase in Central rnvernment investment (se Table TT. E1nwl with mainr inrrpARnQ in transport, education, telecommunication and transfers to ENALUF, the power company, to heIn finanp A mainr rural Peletrificatinn nrnram. Table II: CENTRAL r-OVRRNMVT TNVESTMENT 1967-1971 (in millions of Cordobas) Estimated 1967 1968 1969 1970 1971 /1 Machinery and Equipment 34.1 15.6 3.9 2.2 3.6 t-, ?I-' f I I - TT__1__. If' 1 0 At C 6Or 1 4^~0 n ire 6 Construction and' PuU.Lic Works VIUV 1L.8 V 65.2 85.j I0O.3 156.3 Water and Sewerage 3.7 6.3 6.5 .. 10.6 Education 3.7 2.5 8.2 .. 15.4 Health 0.7 0.4 1.2 .. 2.4 Lransport 8+ .0 47.9 64.1 .. 105.2 Communications 0.5 0.8 0.5 .. 19.5 Public Buildings 7.6 3.7 4.3 .. 1.1 Other 1.8 1.6 0.5 .. 2.1 Financial Investmen- and Capital Transfers 29.0 16.2 37.8 53.4 80.3 Total 165.9 97.0 127.0 164.5 240.2 /1 DuUgeL. -6- Mobilizing Public Sector Resources 12. The Revenue System The revenue base of the public sector hes been particularly vulnerable to the swings in economic activity. By 1966 public savings had reached /4.5rcn of GDP but, with th donwi _i ~~~~ 4L~ 5. percent ot G.. b ~ 1 i J7 utL, W.A.LI L1-_ UULIZWi n, .iLK JIE economic activity in the latter part of the 1960's, declined to 2.4 per- cent ui 969 lew revenue measures and better prospects of the economy should increase public savings to about 4.0 percent of GDP in 1971. 13. The principal source of public sector revenues are the taxes collected by the Central Government. Taxes collected by local government (85 percent of which are collected in the capital city) are approximately 8-10 percent of the Central Government revenues. Sale of securities to the private sector has not been an important source of funds in the past, although the recent changes in interest rate policy may make these secu- rities quite attractive. 14. The other principal source of public revenues is the service charges of the various autonomous and semi-autonomous agencies. In 1969 these agencies (including local governments) financed 72 percent of their investment from internally generated funds. The current account surplus of this group of institutions has been larger in some years than that of the Central Government (see Table 5.1). One institution, the public power company, ENALUF, accounted for 36 percent of the savings of these institutions in 1969 and 22 percent of total public savings. 15. In the early 1960's taxes on income and property increased rapidly until a peak contribution of 22 percent of total revenues was reached in 1967. By far the most important shift over the decade was between taxes on foreign trade (mostly import duties) and domestic consumption taxes. As a result of the creation of the CACM, between 1960 and 1970 foreign trade taxes declined from 57 percent of total revenues to 27 percent. Domestic consumption taxes increased propor- tionately from 20 percent to 43 percent. Table III: STRUCTURE OF CENTRAL GOVERNMENT REVENUES (percentages) 1960 1965 1969 1970 Direct Taxes 12.3 18.9 19.5 18.6 Income 8.5 12.0 11.1 9.6 Property 3.8 6.9 8.4 9.0 Indirect Taxes 77.7 71.2 70.5 69.7 Foreign trade 57.3 39.2 31.3 27.1 Domestic excise 20.4 32.0 40.0 42.6 Non Tax Revenues 10.0 9.9 9.0 11.7 Total 100.0 100.0 100.0 100.0 - 7 - 16. Central Government revenues in relation to GDP declined from about 11 percent in 1963-65 to a low of 9.5 percent in 1969. As a result of the tax measures introduced in 1969-70 they recovered to 10.2 percent. 17. The heavy reliance on foreign trade-based taxes offers a partial explanation for the virtual stagnation of Central Government revenues in 1967-69, a period of sharp slowdown in economic activity. Rapidly rising duty-free intra-common market trade and excessive tax holidays for indus- try accounted for much of the tax system's apparent inelasticity. However. also important was the Government's failure to continue the collection ef- fort in direct taxes of previous years. There is considerable scope for im- proving the enforcement of income and property taxes. The potential for in- come taxatlon seems hardly exhausted as long as only about 4.000 individuals pay income taxes (compared to, e.g., 13,000 passenger cars), the highest de- rarod innnmp remains at $100000 and nn1y 20 individuals dprlarp an inrnmp of over $50,000 and contribute less than 10 percent to personal income tax enl1PrViIn Tn 1970 a hia offnrt wan madA to innrana dirprt taxeng mainlv through collections from delinquent taxpayers. Revenue from the property tax shnlA inc-aa suhatn"AnllIy in the merI4u1m term on the haia of in- creased valuations reported by the cadastral survey that is currently near- ing completion. 18. In addition to the structural deficiencies of the tax system, there were some transitory reasons which contributed to the poor revenue p-erformance in 16 and 1969. As a result of floods, the miing companies were granted special tax exemptions amounting to total losses in income andA export taxes of almost C$ 30n mil1lio or 6 percen t f 1968 Central Government revenues. 19. During 1968 and 1969 the Government introduced a substantial package of -new indirect tax measures. In 1968 &hU iarga-ovrmn paZ~~~LI I~ ~IUL~L L~ W ~ o.~ L11 4IW 4-1 &ILWLLC9rUCLiLI7 V=.LLL=L. was the first to put into effect the San Jose Protocol introducing a 30 percent surcharge of imports from thirdCIA COUntries as well as a 10 and 20 percent consumption tax on imports and domestic production of selected consumer goods. In aIditin, a 5 pect sales tax on a varietLy of- pro ducts was introduced. Still faced with an unsatisfactory revenue situa- tion at the beginning of 1969, the GovenmLet reintroduced its pre-CAM external tariff against imports from the rest of the CACM. The other CACM meMber countries reacted vigorously, interpreting this action as being in conflict with Nicaragua's treaty obligations. The Government then replaced the import duty with a general consumption tax levieU at varying rates on a specific list of goods, most of which are of Central American origin. This "compensatory Lax law has been amended several times in order to adjust the rates (generally downwards). 20. The yield of these measures had been about half the originally estimated C$ 50-60 million per year. The principal reason for this is that the 30 percent import surcharge under the San Jose Protocol was not immediately applied to raw material imports so as to maintain the compe- titive position of Nicaraguan industry vis-a-vis the rest of CACM until -8- the Protocol is in full effect in all of the five countries. Nicaragua im- plemented the full Protocol in January 1971 and expects additional revenue of C$12-13 million this year. 21. Faced with the difficulties of trying to raise revenues through the tariff mechanism, the Government has resorted to a further increase in consumption taxes which, when combined with better tax enforcement, is estimated to have raised Government revenues by about CS 50 million in 1970 and should yield C$ 80-90 million in 1971. The five percent general sales tax introduced in May of 1970 should raise at least C$ 50 million in 1971. This tax corresponds roughly to a retail sales tax with exemp- tions for "necessities". It differs from a retail sales tax in that the tax in some cases is collected at the wholesale level or some intermediate point to avoid the administrative difficulties of having to deal with thousands of small retailers. 22. The overall impact of the new measures thus is to increase revenues by about 18 percent in 1970 and 14 percent in 1971. In taking the measures the Government has indicated its awareness of the desira- bility of maintaining public sector investments at much higher levels than those of the past few years. Given the magnitude and the nature of the tax package introduced in 1969-70 it can be expected that Nicaragua's tax system has largely regained its income elasticity, provided that the present vigorous collection drive is sustained in the future. 23. Current Expenditures. Between 1963 and 1967 current expendi- tures grew at an average rate of about 14 percent per year. This increase was approximately at the same rate as the increase in revenues but this rate of increase continued for one year beyond that of the revenue increase partly under the stimulus of an election campaign. In 1968 and 1969 current expenditures of the Central Government increased a modest 4.4 percent. The increase in 1970 was 5 percent, about the same as the budgeted increase for 1971. Current expenditures have been and will continue to be difficult to control and, given the importance of expanding education and health services, it is not obvious that the sacrificing of these expenditures for more "sav- ings" necessarily is the best development policy. 24. Financing Aggregate Public Investment. (See Table I) The new revenue measures will a11n the uhlic sect-or to finqnro n qnhqttant1allv stepped-up investment program (from less than 5 percent of GDP in 1969 to 6.0 to 6.5 nprcent in 1971 nd 1972) and keep the grnwth of cuirrent ependai- tures by one or two percentage points higher than GDP growth, in line with the urgent need to increase current development expenditures in education and health. At the same time public savings would be restored to about th eak level (4 perce-t of GD) -eahed in the_ md1960's. rMa~ .~V~.O ~ ~fI .J Sl 4- 6- ---- &.l ___4- -4 4 4- d 1- 25. ThusUO, contrLAryL toV the recen Lpas, suficen lcalcutepr funds should be available to match the likely substantial inflow of external ad. At the end of 1969 Nicaragua s pipeline of undisbursed external loans amounted to about US$ 110 million which was distributed among the main .Lenders as folos AID 34%.1 _- percent ; supplier and financial institutions 211 percent; IDB 18 percent (including 15 percent repayable in local currency); DU 16 percent and CABEDI 9 pectIL. MULg thLie LIaJUL _LeLrsL , the LLJD is mainly concentrating in agriculture, industry, health and housing; AID in education, health, rural electrification and feeder roads and the IBRD in power and education. In the future, IDB and the Bank are likely to be the most important sources of foreign development capital. IDB would lend mainly for education, agro-industries, water supply and road maintenance, and IBRD mainly for ports, power, irrigation, fisheries, education and ur- ban water supply. 26. Little is known about the true level and financing of private investment. However, the trend of recent years seems to indicate that private investment has moved in the same direction as public investment. With the economic downswing after 1965 the private investment rate dropped from a peak of 15 percent of GDP to about 12 percent in 1968. In 1967 and 1968 it decreased even in absolute terms. As indicated also by the behavior of private deposits in the banking system (see paragraph 57 below) private savings, which had financed over 70 percent of private investment in the mid-1960's, dropped sharply in 1966 and 1967 from around 13 percent of GDP in 1965 to about 9 percent in 1967. Heavy short- and medium-term foreign borrowing filled the rising private investment-savings gap. Both private investment and savings recovered considerably in 1969 but declined again in 1970. They will have to increase more vigorously if, together with higher public investment, the overall investment coefficient is to be raised suffi- ciently (i.e. to about the 20-22 percent level reached in the mid-1960's) to allow a higher and sustained rate of economic growth. In the short run private investment activity will largely depend on how quickly the present difficulties of the CACM are overcome. Maintaining the recent substantial increase in interest rates will be instrumental in achieving the equally needed rise in private savings. - 10 - III. AGRICULTURE Recent Trends 2-7. Agiutr is the bai-ctvt-n th iaauneooyand I Z-X6L L%U.LLULC ± L L t U. ba L C dq;L.L V L L X LiI 11__2CV C1 t-Uk-V&11C1 L employs about 60 percent of the total labor force. Over 80 percent of total export earnings come from agriculturaL and livestock exports. TIe production structure is highly dualistic. The modern, export-oriented sector operates medium-size and large farms on some of the best agricultuLal lands and makes use of modern inputs and in general technically advanced methods of cultivation. The most important products of the modern sector are cotton, coffee, sugar cane, beef, bananas and irrigated rice. 28. The traditional sector, in which an estimated 50 percent of the rural population make a living on farms of less than 7 hectares, still works with primitive technology and participates relatively little in the market economy. The principal crops of this sector are corn, beans, sorghum and non-irrigated rice, and its marketed surpluses are almost exclusively for domestic consumption. Vegetables and fruits have been largely neglected: at present, although Nicaragua seems to have the potential for growing most of the fruits and vegetables it needs, substantial quantities have to be imported. Landholdings are highly concentrated: in 1963 only 1.5 percent of all farms accounted for over 40 percent of total farmland. The low rain- fall of May to September makes it impossible to grow most crops without irrigation. Since irrigation facilities are limited most of the agricultural labor force is unemployed for about half the year. 29. The first half of the sixties was a period of extraordinary growth for Nicaraguan agriculture. Total area under cultivation in- creased by over 50 percent and total value of agricultural output (in- cluding livestock, forestry and fisheries) grew at an average annual rate of around 8.5 percent in real terms. Almost half of the increase in area was attributable to an expansion of cotton cultivation, which during the period became by far the most important crop, surpassing coffee. The area under cotton cultivation increased from 55,000 ha to 152,000 ha in that period. 30. However, in 1966 this trend was broken and agricultural ou tput during 1966-69 increased hardly at all. The main cause of this pattern was cotton output which, after having increased by 33 percent annually during 1960-65, decreased by almost 7 percent annually during 1965-69. A severe drought in 1966 seriously affected agricultural production,'.but while the output of most crops regained normal levels in subsequent years, cotton production continued its downward trend. Rapidly increasing costs in combination with a continued fall in export prices, account for much of the recent decline in the cotton economy. As indicated above (seei paragraph 2), it appears that credit policies induced an overexpansion of cotton into unsuitable areas, while inadequate plague control prac- tices contributed further to reducing the viability of much of the new production. 31. Basic food production - mainly corn, beans, sorghum and rice - increased steadily at an average annual rate of around 8 percen iLn the period 1960-68. The two most important grain crops in terms of area are corn and beans. These crops can be produced in practically all the terri- tory and are grown primarily on small farms, in soils that are marginal for export crops because of their low fertility. Hardly any fertilizers or pesticides are used on these crops and technology is primitive and yields iow. An exception is irrigated rice, which accounts for about half of the total rice area. It is produced mainly in large farms, using improved inputs and modern technology in a fashion similar to that of export crops. Production increases in these farms were the main element in making Nicaragua self-sufficient in rice for the first time in 1969. Main Issues 32. In view of the at-best moderate growth potential for cotton exports, and the resulting danger that the balance of payments becomes again a major constraint to Nicaragua's future development, the promotion of new exports and the reduction of agricultural imports are key objec-- tives of the Government's agricultural policy for the next few years. However, they will be difficult to achieve, unless a comprehensive agricultural sector policy is developed and vigorously implemented. 33. One of the basic weaknesses of recent Nicaraguan agricultural policy has been the duplication of effort and insufficient coordination. existing among the various institutions active in agriculture. There is no single plan of action establishing priorities and assigning concrete responsibilities to each governmental agency, and authority is divided in a number of parallel institutions. In this fashion, the scarce financial and human resources, are diluted, overlapping in many programs, and reducing the effectiveness of governmental action to promote agricultural development. Progress has recently been made in strengthening the programs and policies of some of the key institutions such as Banco Nacional de Nicaragua (BNN) and Institute for Domestic and Foreign Trade (INCEI), the price support agency. But still more needs to be done to effectively plan and coordinate agricultural policy at the more aggregate level. 34. The Government, largely through BNN and Instituto de Fomento Nacional (INFONAC), the two state development banks, and with the help of external lenders, has developed an ambitious program of long-term credit lines to agriculture. An important feature of this program is the channeling of external and budgetary funds into the private sector. These programs have so far beeh held back by inadequate domestic funding, but the recent fiscal improvements and increased private deposits in the banking system should now allow a considerable acceleration. Nevertheless, the recent improvement in the financial position of the banking system was not across the board. - 12 - INFONAC, for instance, has not been able to capture additional deposits and some of its past credit operations have run into serious difficulties. A consolidation program for INFONAC is being worked out, but regardless of its outcome the authorities intend to permit greater participation by the private banking system in official credit programs. The composition of the program is broadly in line with the main objective of agricultural policy: about two-thirds of the program is devoted to export diversification schemes and the remainder to domestic crops. The overall program includes irrigation works to improve yields or introduce new lines of products, livestock develop- ment (beef, dairy cattle and pork), a coffee improvement scheme and credit lines for agro-industries. All of these are export-oriented activities. Projects related to crops for domestic consumption include rural credit oriented only to small producers, basic crops and grain storage centers financing. 35. In recent years the Government has made substantial efforts to encourage the production of corn, rice, beans and sorghum by offering minimum support prices and providing storage facilities. The latter pro- gram will be completed within a year or two, thus largely eliminating one of the key bottlenecks to increased production. Price support has been rather erratic and unbalanced and, given the high support prices, very costly to the fisc. The price support and marketing function has recently been transferred to a private marketing board which operates on a self-fi- nancing basis thus alleviating the claim on budgetary resources. 36. One of the key elements in raising output per man and per unit of land is irrigation. The fluctuations of rainfall during the wet season, together with the long dry season in the Pacific region, introduce consi- derable variability of yields and total output. Irrigation might mitigate these fluctuations, while Increasin, nroductivitv of existing crops and permitting two crops per year in some cases. However, to provide techni- cal1v and economirallv fpasih irrigation facilitipq there must be first an evaluation of the potential irrigation resources of each area, the most suitaleh1P snurrP of water (sirfacP or indergroiind), -hp altprnativp rosts of putting them into operation, the systems of irrigation that the farmers -h fo w, and the eononmic returns arriuing t- t-he farmersq and the country in each case. The Government has recently contracted with a con- sulting firm ton makea prelmnary survey of the irrigation potential and needs of the Pacific region. This is an important first step, but further studies are requinred IV. LLNDUSJLLL Recent Developments 37. Although an industrial latecomer within the CACM, Nicaragua's industrial development during the 1960's has been quite rapid. Industrial value added increased on average by almost 9 percent annually and the share of industry in GDP rose from around 12 in 1965 to 16 percent in 1969. Em- ployment in industry increased by some 3.5 percent annually, in line with total population growth but below the rate of growth of urban population (6.2 percent). Throughout the period industry is estimated to have absorbed on average some 12 percent of total active population. The rapid industrial expansion continued after 1965, mainly based on demand generated by exports to the CACM. The latter increased by 35 percent in 1968, 25 percent in 1969 and over 50 percent in 1970. Since the mid-1960's Nicaragua had fol- lowed a conscious policy (by providing generous tax holidays, high tariff protection and finance) of developing a complex of chemical, mechanical and other non-traditional industries the economic viability of which essen- tially depends on the large regional market, in order to reduce the rapidly rising trade deficits vis-a-vis the more industrially developed CACM partners. As a result, the structure of industrial output changed considerably, as the contribution of traditional industries (mainly foodstuff, clothing and beverages) to total industrial value added dropped from 92 percent in 1960 to 68 percent in 1968, while intermediate industries (chemical, rubber, etc.) rose from 7 to 24 percent, and capital goods from one to 7 percent, respectively. 38. The results of this policy are apparent in the trade figures for 1970 where Nicaragua's position with respect to the common market has changed from one of growing deficits to an approximate balance. The recent improvement in the trade figures has blunted what appeared to be an increasingly critical attitude towards the common market. During the early part of 1969, for example, various official threats to pull out of the common market and the temporary reimposition of duties against the rest of the CACM combined to create an atmosphere of uncertainty about Aicaragua's industrial prospects. The border difficulties between Hon- duras and El Salvador have also had a disquieting effect on industrial investment. In the short run Nicaragua appears to have benefitted by substituting its exports for those of El Salvador in the Honduran market. Over the long run the effects appear to be negative in that it has dis- couraged investment in CACM oriented export industries. Prospects t 39. Industry has the potential to play a key role in the planned drive to restore growth and to enlarge and diversify exports. The re- cently established integration industries (mainly textiles, milk powder and chemical) which involve a total investment of about C$ 160 million and employ some 2,000 additional workers are an important step in this - 14- direction. In the short run, these industries are the most important dynamic elements in the economy. Their success depends on the survival and strengthening of the CACM, an issue which is yet to be resolved among the CACM partners. 40. Beyond this first phase, however, the direction in which in- dustry could further develop is less obvious. With total capital requirements estimated at some C$ 1 billion, INFONAC's medium-term proj- ect list, which represents the hard core of presently known industrial projects in Nicaragua, is a very ambitious one. Among agro-industries, a gelatine factory, a salt refinery and a tomato processing plant are the most important ones. In the chemical field some eight plants are contemplated which would complement the already existing complex, mainly to produce ammonia and urea, plasticizers and some intermediate processes such as naptha cracking and polyethylene. By far the most important project among other industries based on Nicaragua's natural resources, is a pulp mill. Others include silica sand excavation for glass pro- duction, a flat glass plant and banana fiber mill. For some of these projects preliminary feasibility has been established, but in the majority both preliminary and final feasibility studies have yet to be made. 41. The composition of the above project list poses the basic question as to what type of industrial development is best suited to Nicaragua's factor endowment and can also best support the crucial export drive. The Central Bank is sponsoring a program, first to evaluate the above project inventory, and subsequently to proceed with final feasi- bility studies for the most promising ventures. INFONAC's basic set of priorities, which give highest preference to production for world markets, followed by regional and finally domestic markets and which moreover favor projects based on domestic raw materials, is a correct one. The increased emphasis on world markets is important not only for a more even distribution of the market risks but also to avoid an excessive buildup of a high-cost, non-competitive industrial structure behind high tariff walls. Also, Nicaragua seems to have consIderable notential to exnloit industrially more of its own natural resources in agriculture and forestry, thereby achipving a higher nPt halance of payments re-turn per unit of Invested capital. 42. A serious obstacle to stepping-up industrial development is the lack of adequal trmined manpower. The outiut nf present vocational training facilities is well below the demand for skilled or semi-skilled workers created by the recenti established ind,trieS. TJhi le u n nw this gap has been partly bridged by on-the-job training and instruction provided by equipment suppliers, most 4nAur414sts feel that in the future the latter should be increasingly complemented by substantially widening the curricula and increasing the output of vocational trai ng institutions. - 15 - 43. The lack of adequate export promotion institutions and instru- ments is an important bottleneck which has to be overcome if the export drive is to be successful. Little government effort has so far gone into establishing an efficient institutional framework encouraging the exporter to sell its products abroad. Marketing studies, joint promotional efforts and simplification of the administrative processes for exporters are -just a few of the initiatives from which exporters could greatly benefit, par- ticularly in a situation where new and inexperienced firms are to enter this field. Joint ventures with foreign firms possessing the production and marketing know-how abroad may be one way to approach the problem. V. SOCIAL SECTORS Population 44. Nicaragua's population in 1970 is estimated at 2.0 million. About 58 percent of the population lives in the Pacific Region where the popula- tion density is 58 per km- compared with a country-wide average of 15.6 persons per km2. The Atlantic Region is the least densely populated part of the country. 45. It is estimated that in recent years the population has been grow- ing at 3.5 percent per year. The average rate of growth during the last intercensal period (1950-1963) was 3.0 percent, but this is based on an accelerating rate of growth which rises from about 2.7 percent in the early 1950's to around 3.3 percent in 1963. If the recent high rate of growth is maintained, the population will double in about 20 years. In addition, the share of the population aged less than 15 years (currently about 50 percent) will rise substantially. 46. The recent and prospective high rate of growth of population is potentially a source of great strain on Nicaragua's economic resources. A growing share of budgetary resources must be diverted to education, health, welfare payments, low-cost housing and water and sewerage systems if there is to be a significant improvement in the quality of social services. No data are available on the current level of labor utilization, but the in- crease in the rate of population growth in the early 1960's will soon result in a substantial increase in the rate of supply of labor - a rate which may be expected to exceed the demand for labor even at quite high rates of growth of GDP. 47. The Government however has recently adopted a family planning program which is being implemented through the Ministry of Public Health. USAID is providing equipment, material and most of the financing for train- ing personnel and for local expenses. Fifty clinics were in operation in 1970 and 440 persons have received special training. During 1970, 31,000 women (about 10 percent of women in child-bearing age) were assisted under the program but it is not clear whether this refers to gross registrations or to acceptors who have remained active in the program for some minimum period. Education 48. One of the most serious obstacles to increases in productivity in Nicaragua is the dearth of adequately trained workers. The 1963 Population Census revealed that 50 percent of the population aged 10 years and over had no formal education (70 percent in rural areas) and that an additional 30 percent had not continued beyond the third grade of primary school. Thus, - 17 - assuming that permanent literacy requires at least four years of formal instruction 80 nPerrent of the working age population could be considered illiterate. The average educational attainment level of the urban popula- tion (3.2 years) is twice that of the rural population (1.6 vearq). 49. Although primary chnnling (7-13 age group) i formallv comnit1cry, only 67 percent of the age group had enrolled in 1969. Only one out of every e4iht- p4u1pa enovll4ng 4n thA f4irs grade coAa-mP tha c4vth grdp ThIs is mainly due to the fact that in rural areas only 2 percent of schools offer the full cycle (th naioa aeag s 5pecnt). 50. Seconday education consists of a first -ycle of three years and a diversified cycle of two or three years. Eighteen percent of the 14-18 age group or 37,000 Students were registered in 1969. EIghty percent of the students are enrolled in general academic courses, and the remainder in agricultural, comnmercial, tehia-oainland teacher-trainin cures Only 17 percent of secondary teachers are formally qualified and, indeed, almost the entire teaCIng staff works on a part-time b asis 51. Two universIties and the Central American Institute or- "usiness -) I *IWU ULLLVLb.L ± IIU LI %I L.~LLJ Z'U ..U .L L± L L t 1. L ~ Administration (INCAE) offer university level instruction. Total enroll- ment has expanded rapidly in the last decade. However, a very high propor- tion of students drop out, especially in the first two years. 52. The Government has been taking steps to solve some of the country's educational problems. Present plans include: (a) strengthening of the Educational Planning Office; (b) appointment of full-time teachers at all levels; (c) revision of the secondary school curriculum to correct the present imbalance between general and technical/vocational education; and (d) improvement of school buildings, equipment, furniture and instruc- tional material. The feasibility of increased financial support for expan- sion or improvement of the educational system is limited by management problems. 53. Nicaragua received a US$4 million loan from the IBRD to finance a project (total cost $8 million) consisting of the construction of 18 secondary schools and 3 primary teacher training colleges. The loan be- came effective in mid-1968, but implementation was seriously delayed by management and budgetary problems. Recently there have been encouraging improvements in project implementation. The Government is also receiving financial assistance from AID and material grants from CARE for a program of primary school construction. Even if these programs are completed, the Government estimates that there will still be need for at least1,250 addi- tional classrooms in order to provide all the population in primary school age with four years of formal education. Housing 54. The Government estimates that in 1969 there was a deficit of almost 200,000 housing units. No indication of standards is available, but the rapid overall (3.5 percent per year) and urban (6.0 percent annual average 1950-1963) population growth imply a significant demand for new housing. 55. Government assistance, which is channeled through the Nicaraguan Housing Bank (Banco de la Vivienda de Nicaragua), has been concentrated in the urban areas. About 70 percent of houses financed by the bank are in Managua. The number of houses financed by the bank rose from 445 in 1968 to 1,800 in 1970. The majority of Units (80 percent of houses built in 1970) are financed through savings and loan associations which serve middle income groups. - 19 - VI. MONEY AND CREDIT 56. Up to 1965 the monetary system expanded very rapidly in line with booming exports. Monetary deposits in the banking system rose sharply suggesting a successful mobilization of private savings which, together with a considerable reduction of net credit to the public sector, allowed the banking system to expand credit to the private sector at consistently well over 20 percent annually, while at the same time substantially building up its net international reserves. 57. This process came to a halt with the export crisis of 1966. While credit continued to grow rapidly - increasingly also to finance rising fiscal deficits - private sector liabilities did not increase which led the banking system to borrow heavily abroad, mainly on short terms. With the balance of payments at a crisis point at the end of 1967 and a rapidly rising external debt service burden, the authorities at the beginning of 1968 - in conjunction with an IMF stand-by arrangement - imposed tight controls on domestic credit and on all external borrowing with maturities up to eight years. Credit policy was further tightened in 1969, and the deterioration in the balance of payments was arrested. Imports, which had been growing at over 16 percent annually during 1960-67 dropped in 1968 and 1969. 58. During 1970 the rapid rise in exports improved the Interna- tional reserve position but monetary and credit policy has continued to hP fqirly restrictive. A maior adiustment in interP.t rates wn under.- taken in Rarch 1970 and the Central Bank rediscount rates were increased from a range of 3 to 8 nPerent to 4 to 12 Prrent. onmmoercal bank's interest rates have also increased so that the average rate is over 12 percent. interest rates on time deposits and short-term paper have been increased and now range from 6.5 percent to 10.5 percent. 59. The new level of rates is more in line with those of the .rlA's money markets and wl4l fac4litqta the management of both monetary and exchange policy. They represent an important incentive for a higher mobilization of private savings through the banking system needed to finance the activities of the private sector, including particularly export Iiversif4.to4, Alrady, the respons by private savers has been impressive, as after several years of stagnation time and Sav Aing poS,it, -r b over 11 ferent- in 197n 60. Steps have also been taken to reduce the level of "frozen" credits in the banking system. These are unpaid loans, principally the result* of the cotton farm'er's inabilt to pay off short-term credits. By September 30, 1970 these credits accounted for 24 percent of the bankng sstems crdit o the private sector, a significant redluction from the 30 percent in December of 1969. Further declines are to be expected with any impoveen in-- th proucio of cotto and witth moreL slect.ive alloio1 of nw L PLUUtL.LUL1 U1.;LLULI 4LIU W.LLL Lne more selective allocation of new credits. - 20 - VII. BALANCE OF PAYMENTS AND CREDITWORTHINESS R!e cent Dn,evelopments- 61. In the past, the basic weakness of Nicaragua's balance of payments has been the export concentration on cotton and coffee. Not only are LtiLL LLg-LLm pLUpetsL faL from promising but both supply and demand conditions in these crops are subject to frequent and sharp fluctuations, so that the balance of payments is extremely vulnerable. In a very open economy, where imports and exports each account for one- third of GDP, such export fluctuations have had serious direct and indirect repercussions on growth. First, because exports are tradi- tionally the most dynamic sector in the economy. Secondly, because ex- ports largely determine the country's import and thus its growth capacity. Further rigidities have been introduced in the balance of payments as a result of the industrialization process, which heavily depends on imported raw materiaI.s. ALS a resut, the ability to cope with export sho rt falls by curbing imports without jeopardizing growth has been further constrained. Nevertheless, considerable progress has been made in 1969-70 in pushing non-traditional exports, particularly industrial products to the CACM, which now account for almost 60 percent of the total. ALh11.1e thus the instability of external prices and domestic production conditions for cotton and coffee is somewhat Less of a constraint to stable growth, still the key issue in balance of payments management will remain for some time how exports can be increased and diversified to allow the economy to sustain growth while main- taining its external viability. Table IV: THE RATE OF GROWTH OF COTTON AND COFFEE EXPORTS COMPARED TO ALL OTER EXPORTS (in percentages and millions of US dollars) Cotton & Coffee Exports Other Total % of total Rate of Rate of $ % Growth exports $ Growth (%) $ Growth (%) 1965 72.5 0 48.7 76.4 14.5 148.9 18.9 1966 76.0 4.8 53.4 66.2 -13.4 142.2 -4.5 1967 77.1 1.4 50.8 74.6 12.7 151.7 6.7 1968 85.9 11.4 52.9 76.4 2.7 162.3 7.0 1969 66.1 -23.0 41.7 92.6 21.1 158.7 -2.2 1970/1 67.1 1.5 37.6 111.5 20.4 178.6 12.5 1971/2 72 3.2 37.1 127 12.4 199 8.7 1972/2 73 1.4 33.8 143 11.2 216 8.5 /l Preliminary estimate /2 Projections - 21 - . rom. 160 to 1965rL , during the cotton and coffee export boom, exports grew at an average rate of 19 percent annually. Imports grew at a slower rate (17 percent) and international reserves rose from US$,111 mil- lion to US$28 million. The official external debt also more than doubled fr yy 6n ~ -_f~f J SIrT06 1 during this period (irom US$J mi.LLULI LU US$77 mllionLLU). 63. The reserve position deteriorated sharply after 1965 as a. result of the cotton crisis. Export growth in 1965-68 was reduced to some 2 per- cent annually but under the influence of the credit policies described above (see paragraph 57), imports continued to rise rapidly until 1967. In 1966 and 1967 the current deficit increased about sixfold in absolute terms over previous years, reaching about 8 percent of GDP and 50 percent of gross domestic investment. Despite substantial capital inflows net reserves became negative at the end of 1967. 64. As noted above, under the auspices of two IMF stand-by arrangements in 1968 and 1969, the authorities introduced tight credit policies which, to- gether with the increased import duties of the San Jose Protocol, arrested further large 'Losses in reserves. In 1970 a new stand-by arrangement was negotiated with the Fund which took into account the overall improvements in the external transactions of the economy. Credit policy was liberalized slightly and the prospects are for further credit expansion through 1971. 65. In order to avoid contracting the economy excessively during the downswing in economic activity, Nicaragua has borrowed heavily abroad. Public external debt tripled between 1965 and 1969 reaching some US$250 million by the end of 1969. Since a substanEial portion of it was incurred with maturities of between one to 5 years (particularly BNN, INFONAC and INCEI), there has been some shortening of the overall debt structure. The service payments on the total external debt has averaged about 4.0 percent of GDP in the first half of the 1960's. The relationship between debt ser- vice payments and export receipts fluctuated around 6 percent in 1966-68 and increased to 9 percent in 1969 and an estimated 12.3 percent in 1970. Future developments in debt service payments will depend to some extent on how much of the shorter-term debt can be rolled over. Debt outstanding of up to 8 years maturity is not allowed to increase on a net basis under the present IMF stand-by agreement. As long as the economic prospect of the country appears to be improving the roll-over of a substantial portion of this debt should be possible. 66. Much of the longer-term debt contracted in this period has not been disbursed. Most of this is public sector debt where one of the chief causes for the slow disbursement rate was the difficulty of mobilizing the domestic savings required to complement foreign project loans. At the end of 1969' the undisbursed public or publicly guaranteed long-term external debt amounted to US$110 million. The existence of this nipeline should permit, however, the rapid expansion of public investment through 1971 and 1972, when public savings are expected to rise. - 22 - Outlook for 1971 and 1972 67. There are reasonably good prospects that the considerable improve- ment in Nicaragua's balance of payments in 1970 will continue in 1971 and 1972. This is based on the expectation that exnorts continue to grow ranidlv and that cautious credit policies, high interest rates and a further tax effort will keep imports roughly in line with GDP growth. Beyond 1972, the maintenance of Nicaragua's external viability will largely depend on the continued success of the export diversification drive. Much will also depend on how quickly the CACM overcomes its present crisis, since most of the dynamic elements in Nicaragua's exnorts crucially depend on the common market. At the beginning of 1971 Honduras temporarily left the common market in nrotest over the inabilitv of the five cntmries to sign a "modus operandi" designed to share more equitably the benefits from the integration process and to lay the hasis for a common industrial and agri- cultural policy. Negotiations are in progress to restructure the common market on miutually accePntahe haen 68. Amrng the major exports, cotton is expected to recover consider- ably in 1971 under the impact of higher prices and yields, despite a further reduction in area. It Qhould ontiniue t grow moderatel thereafter. Coffee exports are expected to remain at the high 1970 levels until prices will fall during or after 1972. Meat exports grew by 25 percent annually between 1965 and 1970 and by 1975 they could become Nicaragua's major export. The U.S. has been the main mark et for meat but f ut ure expansion i - n.1, ts market is likely to be limited by quota restrictions. In the recent past N,11icaragua h-as been able to export substantialA amounts to the U.S above h quota by shifting to certain cuts not under quota restrictions. It may become diffi t to continue this process for more than a year oJr two as the possibility exists that the quota will be extended to these cuts. Thus the medium-term export growth of meat is expected to slow down considerably- e.g. to some 10 percent per year in 1971 and 1972 - unless new markets such as the Eluropean and Caribbean markets are suCCesU-Sfully PeI1LLaLeU. 69. For the last three years exports to the CACM have grown rapidly, from US$25 million to an estimated US$48 million in 1970. As a result, Nicaragua, which once was the country having the largest deficit with the CACM, has moved to an approximate balance of exports and imports. This increase in exports has been largely made up of manufactured and semi- processed agricultural goods. These consist of a great diversity of items, chemical products, leather goods, milk products, textiles, fertilizers, wood products, cereals, etc. The recent expansion of industrial output has not been the result of new investment so much as the result of increased utilization of the capacity installed prior to 1969. Further expansion at the rates of the past few years is thus unlikely beyond 1971 without higher rates of investment. Moreover, the demand for these exports is also likely to grow at lower rates. A large percentage of the present increase has been to substitute for items previously imported from outside the CACM. Growth rates of about 10 percent per year, well below those of the recent past, seem attainable for 1971 and 1972. - 23 - 70. Nicaragua's ability to service external debt thus depends on a vigorous effort to expand and diversify the cout's e bas i order to achieve the 7 to 8 percent export growth needed to support a to 6 percent growth of the economy and the import requiremnsasscae with it. Such an export growth appears feasible given the country's agri- cultura.l and industrial development potential but wi.LJ.JL A. require a *long and sustained effort to increase public and private investment and to mobilize higher levels of domestic resources both through a s Lepped-up tax efIorL and a realistic interest rate policy. Provided these improvements in domestic policies continue and the present difficulties of the CACM are resolved, Nicaragua should be creditworthy for the foreign borrowing needed to support a level of public investment considerably higher than in recent years. However, a determined effort will be required to strengthen public administration and to increase its absorptive capacity. STATISTICAL APPENDIX T:tld (! Nwunbcr I. POPULATION AND EMPLOYMENT 1.1 Total, Urban and Rural Population, 1962-1969 1.2 Rural and Urban Population Growth in Different Areas, 1950-1963 1.3 Age Composition by Sex, and Dependency Burden. 1963-1968 1.0 Vital Rates Implied by Population Projections, 1963-1968 1.5 Registered and Estimated Demographic Indicators, Rates Per Thousan Live Births, 1960-1966. 16 Active Population, Economic Sectors, 1962-1969. II. NATIONAL ACCOUNTS 2.1 Gross Domestic Product by Expenditure Category, 1965-1972. 2.2 National and Domestic Savings, 1965-1972. 2.3 Investment and Savings Ratios, 1965-1972. 2.4 Gross Domestic Product by Sector, 19651969. III. BALANCE OF PAYKENTS 3.1 Balance of Payments, 1961-1972. 3.2 Exports, 1960-1969. 3.3 Import Structure, 1966-1969. 3.4 import Structure, 1960-1967. 3.5 International Reserves, 1963-1969. IV. EXT ERNAL DEBT 4.1 Wxternal Public Debt Outstanding as of December 31, 1969 (Debt Repayable in Foreign Currency). 4.2 Past Transactions on External Public Debt, 1965-1969. 4.3 Estimated Fture Service Payments on External Public Debt (Repayable in Foreign Currency) Outstanding Including Undisbursed as of December 31, 1969. 4.4 External Public Debt Outstanding by Sector as of December 31, 1968. 4.5 Summary of External 1ublic Debt, 1?63-1968. 4.6 External Public Debt Outstanding as of December 31, 1969 (Debt Repayable in Local Currency). 4.7 Estimated Future Service Payments on External Public Debt (Repayable in Local Currency) Outstanding Including Undisbursed by Sector as of December 31, 1969. V. PUBLIC FINANCE 5.1 Public Sector Operations, 1965-1972. 5.2 Central Government Current Revenues, 1965- 1972. 5.3 Central Government Current and Capital Expenditures, 1965-1972. - ii - Table Number VI. MONEY AND CREDIT 6.1 Summary Accounts of the Banking System, 1964-1970. 6.2 Summary Accounts of the National Development Institute, 1964-1969. VII. AGRICULTURE 7.1 Land Potential and Utilization by Region. 7.2 Number and Area of Farms, by Size Group. 7.3 Area Under Principal Crops - 1959/60, 1965/66 and 1968/69. 7.4 Area, Production and Yield, Principal Crops, 1959/60 - 1968/69. 7.5 Geographic Distribution of Agricultural Production, 1967. 7.6 Structure of Cost of Cotton Production, 1962/63 and 1966/67. 7.7 Estimated Production, Consumption and Surplus of Basic Grains in the Central American Common Market, 1968-1969. VII. INDUSTRY 8.1 Indicators of Industrial and Mining Output, 1960-1969. 8.2 Structure of Industrial Value Added, 1960-1969. 8.3 Imports of Raw Materials as Percent of Total Raw Materials Consumed in Manufacturing, 1963-1968. 8.4 Imports as a Percent of Total Manufacturing Supplies, 1964-1968. 8.5 Distribution of Employment and Average Salaries Per Week in Industry 1966-1969. 8.6 Industrial Credit, 1965-1969. IX. SOCIAL SECTORS 9.1 Educational Levels of Population of 10 Years of Age and Over, 1950 and 1963. 9.2 Population and Enrollment in Primary School Level, 1963/64 - 1967/68. 9.3 Initial Enrollment and Coefficients of Retention in Primary School, 1961-1968. 9.4 Population and Enrollment in Medium-Level Education, 1963/64 - 1967/68. 9.5 Distribution of Enrollment in Medium Education According to Type of Training, 1961-1968. 9.6 Initial Enrollment and Coefficients of Retention in All Medium-Level Education, 1960/61 - 1967/68. 9.7 Initial Enrollment by Specialty, National Technical Vocational Institute, 1961-1967. 9.8 Composition of Enrollment in Higher Education, 1966-1967. T DnDTIT APPLATIN AN11M DPTYMENAT T 1. Ttal 4 , Ur-ban and 0ural Populaon-, 1962-1 -1. Ru,ral and Urbj-an Popu-lation Crow-th in D.ifferent Areas 195-196 L. ciU åt . -L 1u U.u £4.1 - j Ld U4 I -L ± u ' U 1,.11 tLU-L L . l L C~1 . > J 7 4 -.3 Amge Uom[iposit ionU11 U.y Se, adlU DJULLU D c uenL, 963-1968 1.1. Vital Rates Implied by Population Projections, 1963-1968 Registered and Estimated Demographic Indicators, Rates Per Thousand Live Births, 1960-1966 1.6 Active Population, Economic Sectors, 1962-1969 Table 1.1: NICARAGUA: TOTAL. URBAN AND RURAL POPULATION. 1962-1969 Years Absolute Percentages Total Urban Rural Total Urban Rural 1962 1,h92,638 601.116 891,522 100.0 h0.3 59.7 1963 1,535,588 627.292 908.296 100.0 10.9 59.1 196h 1.582.000 652.803 929,197 100.0 1.31 58.7 1965 1,633,hoo 681,659 91,-7)1 100.0 ,1.7 . 1966 l,682,00 710,h03 971,697 100.0 2.2 57.8 1967 1,70700 739,15 100.0 )2.7 1968 1,779,300 768,390 1,010,910 100.0 3.2 56.8 1969 1,835,300 801,387 1,033,913 100.0 3.7 56.3 Source: Planning Office, bs n tioncensus- o a 96 Table 1.2: NICARAGUA: RURAL AND URBAN POPULATION GROWTH IN DIFFERENT AREAS, 1950-1963 Absolute increase Rates of growth RegionY 1950-1963 1950-1963 Total Urban Rural Total Urban Rural A 157,313 128,918 28,395 5.5 6.0 3.7 B 46,788 25,332 21,456 3.5 4.6 2.8 C 26,437 24,522 1,915 1.5 3.5 0.2 D 53,842 31,16 22,426 1.7 2.2 1.3 B 46,622 6,802 39,820 3.-0 2.5 3.1 F 125,833 32,562 93,271 2.8 4.2 2.5 G 21,730 8,491 13,239 2.4 2.7 2.3 Total 478,565 258,043' 220,522 2.9 4.2 2.2 1/ Regions include the following Departments:, (A) Managua; (B) Chinandega. (C) Leon; (D) Carazo. Granada, Masaya and Rivas; (E) Boaco and Chontales; (F) Esteli, Jinotega, Madriz. Mataealpa and Nueva Segovia; and('(G) Rio'San Juan and Zelaya. Source: Planning Office, based on population censuses of 1950 and 1963_. Е'age 1 ot 2 TaЫe 1•Э0 MIGIRAGUAь AGE COMPOSITION НУ SFX, A17D iJE?FOГJi.ЧCY BI1FiDEtr, 1953-).983. r I. Co�stent fertflltgjiroicctlon 1� А"ье i9;3 (Oensus � 1$58 197Э 1978 1983 �rouos 1ota1 ��а1е Fema1E: 1ota1 Ка1е-"етаlе 1oL,a1�a1ë ��е` таГв �ota Ма1е �r�тГе '�oLa.�'.Lë �ат1е 0 апд ипд.ег 15 812 414 Э98 938 477 451 1,058 542 525 ].,227 52Э b04 1,528 ТГЬ 752 15 апд ил�дег 55 766 Э77 Э8!i 899 44Т 452 1,094 !�5 548 ].,349 677 572 1,5А5 8о3 793 65 оlиа 47 z1 гб 46 n г5 �4а 2г z5 55 25 зо ы. а8 35 Т'otal 1,525 812 8I3 1,88Э 945 938 2,2'10 1,110 1,100 ё!,631 1,325 1,306 3,1819 1,607 Ъ,581 (Percentages) 0 а.пд ипд.ег 15 50.0 50.9 48.9 48.9 50.5 49.1 48.3 48.8 47.8 45.6 47.0 45.2 48.0 L8„3 47.5 15 алд unider 55 47.1 45.5 47.!i 4Т.7 47.Э ц8.2 L9.5 49.2 49.8 51.3 51.1 51.5 50.a 50,�0 50.2 65 plus 2.9 z.5 Э.г 2.4 2.z 2.7 2.z г.о г.4 2.1 1.9 2.Э г.0 1,.7 2.2 Т'oLa1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 10г).0 100.0 ].00.0 100.0 100.0 100.0 100,�0 ].00.0 Depondent populatlnre�� 52.9 53.4 52.:L 52.Э 5г•7 51.8 50.5 50.8 50.2 48.7 48.9 L8.5 5о.0 50�,0 49.8 Praductlae populatlonli� 47.г ,ЬS.б 47.9 47.7 47.Э 48.г 49.5 4!�.2 49.8 51.3 51.1 51.5 5о.1 5о„о 5о.2 Ilep�endencq гдtlо� ц2.3 111а.б 108.'Т 109.5 111.4 107.5 102.0 10;Э.3 100.8 94.9 95.7 94.2 99.8 100,�0 99.2 Page 2 of 2 TTabjj_j:.L_ NICARAGUA: AGE: COMPOSITION BY SEX, AIM DFPEIJI)ENCY BURDEN, 1953-1983. Il. Mcci= fertility projection Age -7953 (Census)K/ 19,58 1973 1983 A!,oups Tj ta 1- MaTe- _F -ema fe Total Male Female TTa_1_Fae__Fema 47 To`t&__9U_Fer71e fotU__K& =e 'jmale 0 and under 14; 812 41L 398 9313 477 461 1,064 541 52.3 1,210 611s 596 1,466 745 721 15 and under 65 766 377 389 8919 W47 h52 i,o94 546 5413 1,3h9 677 672 1,596 803 793 65 plus 47 26 26 46 121 25 48 22 2,5 55 2!; 30 64 28 36 Total 1,625 812 813 1,883 94 5 938 2,202 1,109 11097 2,614 1, 316 1,,298 3,126 1,576 1,550 (Percentages) 0 and under 1!; 50.0 50.9 48.9 49.9 50.5 Lim 48-3 48.8 47.8 46.3 45.6 145.9 46.9 0.3 46.5 11; I .5 and under 65 47.1 46.6 47'.9 47.7 47.3 h8.2 149.5 49.2 49.8 51.3 51.4 51.8 51. 1 51.0 51.2 6 .5 plus 2.9 2.5 3 .2 2.4 2.2 2.7 2.2 2.0 2.4 2.1 2.0 2.3 2.0 1.7 2.3 Total 100. 0 100.0 loci. 0 100.0 100.0 '100.0 100.0 100. 0 100.0 100.0 100.0 100.0 100.0 ICO.0 100.0 Di pendent papulation-3-1 52.9 53.4 52.1 52.3 52.7 51.8 50 .5 50.8 50.2 48.4 48.6 148.2 48.9 Ox 48.8 Productive populatioV 47.1 45.6 411.9 47.7 47.3 48.2 149.5 h9.2 49.8 51.3 51.4 51.8 51. 1 51.0 51.2 Dependency ratiol/ 112-3 M.6 108.7 lcyg.6 111.4 107.5 101.8 103-3 100.8 94.3 94.6 93.1 95. 7 56.1 95-3 I/ Assumes t! t the ge specific fertilit rates remain, unchanged at the 1961-1163 level. 2/ The figures given by 'the 1963 Population CenSUs have been corrected upwards by 6 percent to cozopensats for the mlermuineratim of cMl&en aged 0 to 4. I/ Population under 15 and over 54 years, expressed as percentage of total population. 4/ Population in the 15 'to 611 year bracket, expressed as percentage of total population. Dependent population ex-iressed as percentage of Productive pooUlation. 6./ Assumes that age specific fertility rates would decline at a constant rate of 7 percent per each five-year period, staring in 1968 for votsen 35 and over, ifi-1973 for tho ae aged 30 to'34, in 1978 for those 1ander'20-and'between'25 and'30 'ihd not until 1983; foi,th;se aged 20 to 24.' Sources R. R. Nathan Associates Inc.,, Population Growth Rates and Economic Development in Nicaragua, Washington, DC., 1967. Table 1.4: NICARAGUA: VITAL RATES IMPLIED BY POPULATION PROJECTIONS, 1963-1983 (Rates per thousand of the population) 1963-6 196873 1973-78 197883 1983-8 - - Constant fertility projection Crude birth rate 44.7 44.6 45.7 47.6 47.8 6.1 Crude death rate 15.1 12.7 10.9 9.3 7.8 6.h Crude rate of natural increase 29.6 31.9 34.8 38.3 40.-0 39.7 Medimri fertility projection Crude birth rate hh.7 i4.2 4h.7 44.9 42 .8 39.2 Crude death rate 15.1 12.6 10.8 9.2 7.7 6.3 Crude rate of natural increase 29.6 31.6 33.9 35.7 35.1 32.9 Source: R. R. Nathan Associates Inc. Population Growth Rates and Economic Development in Nica:ragua, Washington, D.C., 1967. Table 1.5: NICARAGUA: REGISTERED AND ESTIMATED DEOGRAPHIC INDICATORS, RATES PR THOUSIAD IRE BIR3T , 1o6n-I9 6 Birthrate Death rate Infant mortality !ate Years egisteed Estnated Registered Estiiated istred Esujnaued 960 .248.0 8.9 7.7".2 '20.0 10 r^ 01. f,r '7 ý- 0 19617 L2 48.0 U.4 1.7p 5.1 -L6.8 96 l7. r' 7 54. 3 -2.0 1670 43.9 . 7 . .5.5 n96, r2. r7. 7. 15. -.5 -n5. 1965D 43.0 47.0 7.3 15. 2 516 101.0 1966 42. -6. 6-.6 -4.7 44.6 97. Source: Planning Office, based on data fram the General Bureau of Statistics and Crnm.R Table 1.6 : NICARAGUA: ACTIVE POPULATION, BY ECONOMIC SECTORS, 1962-1969 Sector 1962 1963 194 1965 19l66 1967~ 1968 96 Census Projections Agriculture 278,507 283,106 291,211 299,504 307,033 31h,842 321,846 332,279 Industry 54,170 55,631 58,o4 60,31h 62,583 65,407 67,697 70,647 Construction 16,293 15,852 18,356 19,074 20,326 21,618 22,374 23,96 Mining h,038 4,013 3,969 4,124 4,279 6,424 4,590 4,790 E c and water 1,36 1/j. 1 1, 1,701 23,39 Commer6e 33,652 34,553 38,200 4o,724 43,327 46,0o7 48,764 52,087 Transport and nnmm"nieAntinq 10.9q 12.009 11.906 12.888 13.372 16.412 1L.916 15.566 Other services 668532 726 77.325 82375 85.917 91,792 96,990 Total 64,179 474,960 496,100 515,500 534,900 554,300 573,700 598,700 (In percentages) Agriculture 60.0 59.6 58.7 58.1 57.4 56.8 56.1 55.6- Industry 11.7 11.7 11.7 11.7 11.7 11.8 11.8 11.8 Constructon 3.6 3.5 3.7 3.1, 3.8 3.9 3.9 3.9 Mining 0.8 0.8 0.8 0.8 0.8 0.8 0.8 .0.8 Electricity and water 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 Commerce 7.2 7.3 7.7 7.9 8.1 8.3 8.5 8.7 Transport and communications 2.1 2.5 2.4 2.5 2.5 2.5 2.6 2.5 Other services 11.0 1h.4 16.7 15.0 15.4 15.5 16.0 16.2 Total 100.0 100.0 100.0 10. 1 100.0 100.0 Source: Planning Office, based on Population Census of May, 1963. II. NATIONAL ACCOUNTS 2.1 Gross Domestic Product by Expenditure Category, 1965-1972. 2.2 National and Domestic Savings, 1965-1972. 2.3 Investment and Savings Ratios, 1965-1972. 2.4 Gross Domestic Product by Sector, 1965-1969. - .Tr, Af A tW A --lflfC'-- fln,rTC'lrr nnAfyl, flu Tliff, n "rlT T flA MfInlr 1 ' r' n' I~%~ Table 2.1: N1C ARAGUA: GOUSS DUSIClu rODUU DY PAFD11URE CAG,U 196-1972 Actuals Est nnimate roujectiouns 1963 1966 1967 1968 1969 1970 1971 1972 (In millions of current cordobas) Consumption 3 464 3,685 4 123 4 196 247 4 67 9 5,188 Private 3,uou 3,22 3,60o 3,o2o 3,639 n,u)a J4on ),on Public 400 h58 517 566 608 635 64o 704 Gross domestic investment 847 988 9 874 1,014 1,030 '1 1258 Private (_1) o4 o J 87 702 600 7u2 010 Public 179 242 236 176 198 230 297 314 Change in inventories 93 97 105 111 114 112 119 126 Net balance goods and services= ,- 93- 278 - 367 -15 - 120 - 109 - 146 - 157 Exports 1,177 1,167 1,2 T 1,31 1,290 1,406 1,577 1,703 imports 1,270 1,446 1,611 1, 471 1,h10 1,515 ,723 1,860 G~ 4,210 )4,395 4 '31 4150U5,13 51,.55;0 L21 ,289 Net factor income payments - 106 - 115 - 128 - 183 - 175 - 195 - 210 - 224 GNP 4,112 4,280 4,603 !A,Y04 4,960 51403 5 6,065 (As percentage of GDP) Consumption 82.1 8.7 87. . 8 2.7 83.6 83.0 82.5 Private 72.6 73.3 76. 73.8 70.9 T2.1 72.0 71.5 Public 9.5 10.4 11.0 11.5 11.8 11.3 11.0 11.0 Gross domestic investment 20.0 22.6 20.7 17.8 19.7 18.4 19.5 20.0 Private 13.6 17- 137 11.9 1T7 12.3 12.5 13.0 Public 4.2 5.5 5.0 3.6 3.8 4.1 5.0 5.0 Change in inventories 2.2 2.2 2.2 2.3 2.2 2.0 2.0 2.0 Net balance goods and servicesl/- 2.2'- 6.3 -7.8- - - 2.3 - 2.0 -2.5 - 2.5 Exports 27.9 26.5 26.4 26.b 25.1 25.1 26.6 27.1 Imports - 30.1 - 32.8 - 34.2 - 30.0 - 27.4 27.1 - 29.0 - 29.6 Total 100.0 100.0 100.0 100.0 10Q.0 100.0 100.0 100.0 1/ Excluding factor income payments. 2/ Totals may not add due to rounding Source: Central Bank and staff estimates. Table 2.2: NICARAGUA: NATIONAL AND DOMESTIC SAVINGS 1965-1972 (In millions of current cordobas) Actual s Estimate Projections 1965 -196 1967 1965 191 1970 1971 1972 GDP, at market prices 4,218 4,395 4,731 4,909 5,135 5,598 5,933 6,289 Consumption 3,46 3,685 4,123 4,190 4,247 4,678 4,924 5,188 Gross domestic savings 754 710 608 719 .888 920 1, 09 1 lol Gross investment 87 988 975 874 1,01 1,030 1,157 1,258 Resource gap I - 93 -278 - 367 -155 - 120 - 110 - 148 - 157 Net factor income payments - 106 - 115 - 128 - 183 - 175 - 195 - 210 - 22h National savings 648 595 480 536 713 725 799 77 1/ Net imports of goods and services (excluding factor income payments). Source: Table 2.1. Table 2.2: NICARAGUA: INVESTMENT AND SAVINGS RATIOS, 1965-1972 (Current prices) Actuals Estimate Projections 1 7 19'___19 1969 119Z 1-972 Gross investment as % of GDP 20.0 22.5 20.6 17.8 19.7 18.4 19.5 20.0 Domestic savings as % of CDP 17.9 16.1 12.8 14.6 17.3 16.4 17.0 17.5 Resource gap as % of investment 11.0 28.1 37.6 17.7 11.8 10.7 12.8 12.5 National savings as % of GDP 15.4 13.5 10.1 10.9 13.9 12.9 13.5 13.9 Source: Table 2. 2. Table 2.4i NICARAGUA: GROSS DOMESTIC PRODUCT BY SECTOR, 1965-1969 1965 1966 1967 1968 1969 (In millions of current cordobas) Agricultue 1 32 12 1,300 16 Crops 1,106 956 1,003 1,017 Livestock 186 226 251 299 . Forestry, hunting and fishinf 32 42 46 50 Mining 62 666963. X-M.L LLI at. Ui U&. 21±5 £4LJ 2-. U v-~ Construction 133 179 161 154 T -$1,4-4144-4- Pri 0n1O TLransport and comuictin 210 22 2362j. Commerce 615 652 709 733 X.i1nUUcal serviLcs U7 .L9 0 1144, L.LU Housing 300 310 330 339 or v e . n mi n,, 'f. 1. 4 4-L 4v[ Other services 284 298 317 326 GDP at factor cost/ 3,8648 4,018 4,345 4,524 Indirect taxes, net of SAbsdies 370 377 386 385 GDP at market prices 4,218 4,395 4,731 4,909 5,135 (As percentage of GDP at factor cost) Agriculture 34.5 30.5 29.9 30.2 Crops 28.6 23.8 23.1 22.4 Livestock h.8 5.7 5.8 6.6 Forestry, hunting and fishing 0.8 1.0 1.0 1.1 Mining 1.6 1.6 1.6 1.4 Manufacturing 12.1 13.6 14.0 15.1 Construction 3.5 4.4 3.7 3.4 Public Utilities 1.5 1.6 1.8 1.9 Transport and communications 5.5 5.5 5.4 5.3 Commerce 16.0 16.2 16.3 16.2 Financial services 2.3 2.6 2.6 2.6 Housing 7.7 7.7 7.6 7.5 Government 8.0 8.7 9.7 9.0 Other services 7.3 7.4 7.3 7.2 TOTAL 100.0 100.0 100.0 100.0 100.0 1/ Totals may not add because of rounding. ource:' Centra-LI Bak. III. BALANCE OF PAYMENTS 3.1 Balance of Payments, 1961-1972 3.2 Exports, 1960-1969 3.3 Import Structure, 1966-1969 3.4 Import Structure, 1960-1967 3.15 International Reserves, 1963- 1970 Table 3.1: NICARAGUA: BALANCE OF PAYMENTS, 1961-1972 (In millions of U.S. dollars) Prelininary Projections 1961 1962 1963 1964 1965 1966 1967 . 1,968 1969 1970 1971 1972 Goods. services and transfers Exports FOB 69.9 90.4 106.7 125.5 149.2 141.9 148.o 161.0 157.5 178.7 198 216 Imports FOB - 58.7 - 78.7 - 91.0 - 109.8 - 132.8 - 150.6 - 173.0 -165.2 -158.4 177.9 200 220 Balance 11.2 11.7 15.7 15.7 16.4 - 8.7 - 25.0 - L.2 - 0.9 0.8 - 2 - h Services (net) - 18.4 - 2h.9 - 24.7 - 30.2 - 44.9 - 47.4 - 457 - I4.0 - 41.3 - 43.6 - 49 - 50 (Transfers (net) 3.9 3.5 4.1 5.4 6.5 7.0 C.8 6.3 6.5 6.0 8 8 Total balance - 3.3 - 9.7 - -ý~ - 9.] - 22.0 - ~9~1 - ~ 73 -¯ ~ ~-3 r7ý Private capital Direct investment 6.o 5.7 4.1 9.1 8.2 12.2 14.5 164 12.0 17.1 22 26 Loan disbursenents 0.5 2.3 1.2 2.b 1.8 1.7 1.7 2.1 2.6 4.0 7 7 Amortization - 1.2 2.3 - 1.6 - 0.7 - 0.8 - 0.9 - 1. - 1.6 - 2.0 - 2.0 - 2 - 2 Comnercial credit and other - j3 9.2 - 0.7 - 7.8 6.5 8.1 13.0 - 6.7 4.1 .2 3 Total 0. 10.9 3.0 3.5 TI7 20.9 10~2 23.3 30 Official capital Loan disbursements 6.8 7.1 12.2 16.2 12.3 25.2 25.8 49.3 29.8 44.0 35.0 37.0 Amortization - 2.2 - 3.0 - 4.3 - 4.2 - 4.9 - 7.8 - 8.1 - 10.3 12.9 - 19.3 16.0 13.0 Other - 0.5 --1.1 - 0.1 - 1.4 - 0.4 - 1.4 - 1.0 - 1.8 -1.4 - 1.9 - 1.0 -1.0 Total L 3.0 7.8 10.6 7.0 T.O ~-lM7 37.2 1-,S -~'27 ~-10.0 23.0 4llocation of SDR ,. .. .. .. .. .. .. .. .. 3.2 GRAND TOTAL 1.3 4.0 5.9 5. 0.7 - 12.2 - 20.4 5.5 - 12.5 5.0 8.0 Net monetary movenent - 1.3 -.0 - 5.9 - 5.0 0.7 12.2 20.4 - 5.5 - 12.5 - 5.0 - 8.0 IMF position - 0.7 - 1.9 - 11.2 - 1.0 -. Central Bank - 4. -4 3.6 - 14.6 - 7.1 - 18.2 - 0.5 31.3 - 20.7 4.1 - 3.8 Comercial banks - 1.> - 0.6 0.2 1.3 17.1 13.7 1.1 - 3.6 1.0 - 3.3 Central America C.ea.ring House - 0.2 2.5 0.l 0.4 0.9 - 0.8 - 0.2 - 0.5 - 0.2 1/ Includes errors and omission Source: Central Bank and staff estimates. Table3.2: NIGARWUA: EXPORTS, 1960-1969 (In millions of U.S. dollars) 1960 196:1 1962 1963 1964 1965 :1966 1967 1968 1969 1970 Agriculture 42.. 43.0 58. 69.2 87.1 109.5 98.9 99.7 104.8 89.1 2.8 otton 1W7 1W3 31.3 39.8 SI 7 .3 -~ 0 59.7 S'T 35.0 Export volume (thousands quintals orm) 595 707 1,210 1,590 2,032 2,720 2,422 2,391 2,280 1,971 Exprt unit price(US$ per quintal oro) 2h.7 25.9 25.9 25.0 25.3 223.5 23.4 26.2 23.0 Ooffee 19.2 17.h 15.L 17.5 21.1 26.4 21.8 21.1 22.7 20.6 32.1 Export volum (thousands quintals oro) 473 456 447 523 507 613 505 561 619 577 Export unit price (S$ per quintal oro) 40.6 38.2 34.b 33.5 41.6 43.1 43.2 37.6 36.7 35.7 Shrimps - - 1.5 1.6 1.7 2.1 3.8 4.7 5.1 6.7 6.0 Cotton by-products 2.5 2.6 4.6 5.2 7.2 10.0 10.5 9.7 7.7 5.8 b.14 Bananas 0.1 0.1 0.8 1.4 2.1 0.8 0.9 3.3 3.2 2.2 0.2 Sesame 2.5 2.4 2.0 2.2 2.3 2.1 2.1 2.5 2.9 2.5 2.2 Beans 0.1 0.1 o.5 0.2 0.4 0.h 0.5 0.2 0.9 0.8 1.3 1hbacco - - - - - 0.1 0.7 0.8 1.5 1.8 Other 3.6 2.1 2.2 1.3 0.8 1.7 2.4 1.5 1.8 3.6 9.8 Indust 9.7 12.1 17.0 20.6 19.7 17.3 13.9 25.1 28.1 64._ 3.0 -w. -.> --T-.7 102 12¯5 3~9 20. E.7 Sugar 3.4 2.13 4.5 6.0 5.7 5.5 2.1 5.9 5.5 18.3 9.8 O-tton oil - - - - 0.1 0.3 1.5 2.3 3.2 3.8 3.8 Wood prots 3.2 2.9 2.7 2.3 2.1 2.0 2.6 2.7 2.2 2.8 3.7 Other 0.1 2.) 3.8 3.9 4.3 2.7 1.7 1.5 1.3 13.3 20.3 Mining 9.0 10.8 11.7 I. i..6 11.7 12.6 23.1 1-: !L.: 29. 4 Otier .1.5 _4.) J3.i 5..5 6.8 . ..5 .l.8 .L3.8 .l.-4 10.4 U8 TOTAL 62.9 69.9 90.11 106.6 1.25.2 1148.9 142.2 151.7 162.3 158.7 178.6 Source: entral Bank Table 3. NICARAGUA: IPORT STRUCTURE, 1966-1969 (In millions of U.S. dollars) Share 1966 1967 1968 1969 1970 bharj Consumer goods 4 4 $9.1 58.0 4 9i 9 29.1 Non-durables 10.1 . 36.0 36.0 3c.o 3r.6 10.7 Durables 11.9 22.0 23.1 22.0 17.5 20.3 10.2 Fuel and connected products 4.0 2 9.1 9.2 9.5 11.4 5.7 Raw materials and intermediate products 226 5 72.6 67.4 59-. 68.9 34.7 For agriculture 5.7 10.3 %.T T.7 6.5 7.9 -T.0 For industry (excluding construction) 26.9 49.0 8.2 $3.2 53 61.0 30.7 Construction materials 1. I.n 111 9- 112 1).2 7.1 CaDital goods 26.8 49.2 0-9.2 39-9 45.3 45.9 23.1 For agriculture 77 T8 7.3 35J 3.9 3 1.7 For industry 16.9 31.0 33.9 27.0 35.1 33.7 17.) For transportation 5.3 9.8 9.0 7.6 6.3 8.8 4.4 t4 -- r.% 1. _ 0.8 n. .? TOTAL CIF 100.0 182.7 203.0 184.6 177.0 198.7 100.) Source: Central Bank of Nicaragua. Table3.4: NICARAGUA: IMPORT STRUCTURE, 1960-1967 (In millions of cordobas) Annual 1960 Share 1961 1962 1963 1964 1965 1966 1967 Share Growth rate 1961-67 ( % Consumer goods 142.1 29.0 138.6 168.0 206.5 254.1 308.0 361.2 392.(0 27.6 15.6 Non-durables 9777 20.2 97 190 1 07.9 25 15.7 Durables 43.4 8.8 39.2 49.0 65.1 77.7 100.1 109.7 118.1 8.3 15.4 Fuel 5)4.5 9.3 47.6 51.1 56.0 56.0 51.1 50.8 64.14 4.5 5.1 Intemediate goods and raw materials 199.5 40.8 207.9 294.7 305.2 388.5 4)42.4 480.7 581.0 40.9 16.5 .Metal products 12.7 2. 13.3 27.2 . 29.1. 27 6 2.0 12.0 Non-metal products 154.0 31.5 161.0 222.6 2)40.8 289.1 33)4.6 363.6 053.9 31.9 16.7 Construction materials 32.9 6.7 33.6 46.9 46.2 70.0 81.9 85.6 99.3 7.0 16.6 Capital goods 102.2 20.9 112.0 165.2 199.5 254.1 312.2 373.2 384.2 27.0 20.8 Agricultural machinery 23.1 2 777 377 - 77 73.3 '71. 2 4 7 15.8 Industrial and mining machinery 46.2 9.5 58.1 79.8 97.3 11)4.8 129.5 188.7 203.0 14.3 23.5 Transport equipment 32.9 6.7 31.5 46.9 58.8 75.6 99.4 113.3 116.9 8.2 19.9 Total CIFI/ 498.3 100.0 506.1 679.0 767.2 952.7 1,113.7 1,265.9 1,121.6 100.0 16.5 1/ Excluding imports of goods originally exported frmn Nicaragua and other special in;ports. Source: National Planning Council. Table 3.5: NICARAGUA: INTERNATIONAL RESERVES, 1963-1970 END OF PERIOD (In millions of U.S. dollars) 666 October 1969 1970 Gross reserves 33.6 42.1 62.5 64.,9 31.3 54.3 48.6 50.7 50.9 Central Bank 31.8 38.9 57.2 57.9 27.2 48.3 4.2 5.1 45.8 Commercial banks 1.8 3.2 5.3 7.0 1.1 6.0 4 5.1 5.1 Short-te.nn liabilities 11.1 1.8 34.4 48.8 35.5 53.2 51.0 53.2 43.7 Central Bank 0.4 0.7 1.0 .1 2.0 2.1 0.8 3.8 5.7 Ccmerial banks 3.0 5.6 25.0 40.3 38.5 36.8 36.9 36.1 32.0 Net DF position 7.7 - 8.4 - 8.4 - 6.5 4.8 - 14.3 - 13.3 - 13.3 - 6.0 Total net reserves 22.5 27.3 28.1 16.1 - 4.h L.1 - 2.4 - 3.0 7.2 Source: Central Bank. IV. EXTERNAL DEBT L.1 External Public Debt Outstanding as of December 31, 1969 (Debt Repayable in Foreign Currency) .2 Past Transactions on External Public Debt, 1960-1969 4.3 Estimated Future Service Payments on ''Afternal Public Debt (Repayable in Foreign Currency) Outstanding Including Undisbursed as of December 31, 1969 V48 External Public Debt Outstanding by Sector as of December 31, 1968 0.5 Summary of External Public Debt, 1963-1968 4.6 External Public Debt Outstanding as of December 31, 1969 (Debt Repayable in Local Currency) K.7 Estimated Future Service Payments on External Public Debt (Repayable in Local Currency) Outstanding Including Undisbursed by Sector as of December 31, 1969 Table 1.1 NICARAGUA -- EXTERNAL PUBLIC DEBT OUTSnTANDIN AS OF ECBER 31 1969/1 DebI Reppyable in rurei-gn1 Cuurenc~y (In thnousands of U.S. dollrs) Debt outstinding December 31, 1969 Source Disbursed Including only undisbuirsed TOTAL EXTERNAL PUBLIC DEBT 119,223 216,68 Priva tely-held debt 4o,613 63,719 Suppliers 8 277 24,386 Germ,n5 5,95E J,:pn 428 428 JUn dVifrdn 600 United Stn~tes 1,895 17,1104 inanlinstitutiOns 32,336 39,333 Canad, Uni ted Kingdom 906 5,045 United States 27,30 30,288 Ioans from interrational organizations h3,610 77,804 IBRD 22,166 39,854 IDA 2,999 2,995 IDB. 9,585 16,47L C i 8,86 1,B81 Loans from governients 35,nn 75,095 2 - cMn uermany 3- United Stntes 35,000 72,595 /1 Debt with an original or extended maturity of uvu un year, St,tisticnl Services Division Economics Department June 23, 1970 Table h. 2: NICARAGUA - PAST TRANSACTIOJS ON EXTERNAL PLJBLIC DBT, 1965 - 19(9/1 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Page 1 o 5 Debt outstanding =ransactions during period beginingof period Including Disbursed Undis- Author- Disourse- Payments Year undis. onlv bursed ization ent Amort. iterest Total GRAND TOTAL 1965 69045 37435 31610 22120 17568 5487 1926 74113 1966 85680 49520 36160 33980 21830 6960 2236 9196 1967 1 12697 64388 48309 23187 23454 8316 2876 11192 1968 127569 79529 48040 97619 37619 9306 3719 13025 1969 215882 107842 108040 13196 23936 12441 5035 17476 1970 216638 119243 97395 TOTAL PRIVATELY MELD DE3T 1965 15060 7175 7885 5870 11131 2149 351 2500 1966 18782 16158 2624 10448 9098 3384 579 3963 1967 25845 21871 3974 10486 9011 5371 844 6215 1968 30959 25510 5449 45880 25466 6507 1472 7979 1969 70332 44469 25863 2858 5610 9472 26515 12130 1970 63719 40613 23106 SUPPL I ERS 1965 8814 1682 7132 1480 7911 724 116 840 1966 9570 RAÅQ 7n4 2192 2227 85e 21 1 1967 10905 10239 666 580 977 11593 160 1753 1968 9891 9622 269 18935 1972 1794 283 2071 1969 27032 9800 17232 1118 2645 297 2942 1970 24386 8277 16109 Jee fioootnte at the end of table. Tabe.2 ICARAOUA - PAST TRNSACTIONS ON EtERNAL PUBLIC DE, 1965 - 1969/1 Debt Repayable in Foreign Currency (In thLousatids of U. S. dollars ) Page 2 of 5 ebt outstanding Tra7sactions during period - begni of jeriod Including Disbursed Undis- Autho:r- Disburse- Payments Year undis. onL bursed izatir ment Amiort. Interest Total PRIVATELY MELD EIBT FINANCI'tL JNSTUTIl'NS 1965 6246 5493 753 4390 322O 1425 235 1660 1,966 9212 7289 1923 8256 6871 2528 366 2894 1967 14940 116,32 33508 990 8034 3774 684 4462 [968 21,068 15888 5180 26945 23494 4713 1189 5902 [969 4330.0 34669 8631 2858 4492 687 2361 9188 197 0 39'-33 32336- 6997 T TAL LOANS FROM INTERNA'TIONAL ORGANITZATIONS 1965- 34600 22'199 12'4 Ø800 475 1115 1192 2307 1966 432·85 25840 17445 6263 4-807 1332 1371 2703 1967 48215 29315 189,00 2'04 8028 1515 1709 3224 1968 48704 35829 12875 2517S 5393 1801 1f62 3663 196-9 72279 39421 12'8!5 7 38 650? 2311 2010 4321 1970 778104 43610 34194 IBRD 1965 23998 19420 45,T8' 8 1526 9'15 1079 19944 1.966 23083 20033 3050 2'653 1607 1132 1078 2210 1967 24603 20508 40.95 3094 1220 1218 2430 1968 23383 22383 1000 19117 396 1238 1292 2530 1969 41262 21541 19721 * 2033 1408 1223 2631 197( 39854 22166 17688 See !ootnote at the end cf table. Table h.2: NIOA?A"?UA - PAST TRANSACTIOJS ON EXTERAL PUBLIC DEBT, L965 - 1969/1 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) ---Debt outstanding =ransactions during period begnning of Lpe riod Including Disbursed Undis-: Author- Disburse- Paments ear urxis.2ol bursed ization ment Amort. Interest Total LOANS FROM INTERNATIONAL ORGANIZATIONS DA 1965 3000 1782 1218 1052 * 18 18 1966 -3000 2834 166 -2 161 22 22 1967 2998 2995 3 - 3 22 22 1968 2995 2995 22 22 1969 2995 2995 22 22 1970 2995 2995 IDB 1965 7602 997 6605 3300 2176 200 95 295 1966 10702 2973 7729 2900 1727 200 240 440 1967 13402 4500 8902 - 750 2978 200 339 539 1968 12452 7278 5174 - 250 1808 478 397 875 1969 11724 8608 3116 5495 1722 744 566 1310 1970 16474 9585 6889 1965 6500 1966 6500 6500 712 1312 31 31 1967 7212 1312 5900 275 1956 95 3233 1968 9874 3173 6701 6509 3189 85 151 236 1969 16298 6277 10021 2343 2747 159 199 358 1970 18481 8864 9617 See fn,otnote~ -3t4 -Kh2 end o t, ab1 r Table h.2: MICARAGUA - PAST TRANSACTIONS 0IN EXTER.NAL PUBLIC DEBT, 1965 - 1969/1 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Page 4 of 5 Debt outstanding ra-nesactions during period benninof criod Including Disbursed Undis- Author- Disburse- Payments Year undis. only bursed ization meit Amort. Interest Total -T5i W L JANS FROMGlIVFRNHENTS - 1965 19385 8061 11324 6450 1683 2223 3s3 2606 1966 23613 7522 16091 17269 7925 2244 286 2530 1967 38637 13202 25435 10697 6415 143n 323 1753 1968 47906 18190 29716 26363 6760 998 385 1383 1969 73271 23952 49319 2500 11724 658 367 1025 1970 75115 35020 40095 GE R 4 AN Y 19.65 " 196.6 1967 1968 1969 . - : 2500 1970 2500 2 See footnote at the end of table. Table 4.2: ICA?AGUA - PAST TRANSACTIONS ON EXTERNAL PUBLIC DEBT, 1965 - 1969/1 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Dage 5 o 5 Debt outstanding 7rMasactions during period be ingof period Including Disbursed Undis- Author- Disburse- Payments Year undis. only bursed ization ment Amort. Interest Total TNITED STATES 1965 19385 8061 11324 6500 1683 2223 383 2606 1966 23613 7522 16091 17269 7925 2211 286 2530 1967 38637 13202 251435 10697 6415 130 323 1753 1968 47906 18190 29716 26363 6760 998 385 1383 1969 73271 23952 49319 - 11724 6c8 367 1021 1970 72615 35020 37595 T ebt with an original or extended maturity oC over one year. Statistical Services Division Economics Department June 30, 1970 Table .: NICARAGUA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL PUBIJC DEBT OUTSTANDING INCLUDING UlDISBURSED AS OF DECEMBER 31, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) DEBT OUTST (BEGIN OF PERIOD) PAYMENTS DURING PERIOD INCLUDING AMORTI- YEAR UNDISPURSED ZATION INTEREST TOTAL TOTAL EXTERNAL PUtmLC DnRT 1970 2159679 21#283 5P832 27s*ia 1971 1940396 97472 60601 28.0O74 1972 172P924 18s903 6,225 25sq28 1973 154.021 13#533 5,727 190260 1974 140.488 8#291 5*217 13.507 1975 132#198 8.205 40809 13001 1976 123.993 60468 4*501 10969 1977 1170525 50721 4#306 10s027 978 111aA4 6,0A2 Ana 10A.55 1979 105#742 6.7e3 3.784 10s487 1980 99s039 65#488 38462 9.950 1981 92#551 6s302 3,157 9i459 1982 AAA1a9 6.25 2863 9119 1983 79pi93 6.351 2#566 8jo91I 19&4 A2 A.3 I m 2663 & A a 8A Note: Includes service on all debt listed in TPble 1 prepared June 23, 1970 with the exception of the following, for which repaymenu aerms are not available: Total $939,000 Suppliers L8,000 Financial institutions 75h,ooo Table 4.3: NICARAGUA - ESTIMATED FUTITRE SERVICE PAYMENTS ON EXTERNAL PUBLIC DEBT -- !UAING INCLUD-IN UNISBURSED iS OF DECIM'BER 31, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Poge 2 DERT OUTST (EGIN OF PERIOD) PAYMENTS DURING PERIOD INCLUDING AMORTI- YEAR UNDISURSED ZATION INTEREST TOTAL PRIVATELYmHELD DERT 1970 62p780 17.429 2p566 19,995 9 _5_1 17.381 2>237 1,618 1972 27>970 14,230 1#291 15p521 97 13740 7A936 585 8,2 1974 5>804 2.61-2 288 2.900 9-,75 3lf 92 1976 913 78,1 48 829 077 1<978 88 44 4 48 40,70 h SUPPLIERS 1970 24>201 6.055 879 6*933 1971 16,146 50908 1.011 6>919 1972 12p238 5.550 656 6#206 1973 69688 4.007 324 4*331 1974 2p681 19151 140 1,290 1975 1.530 817 82 899 1976 713 SA1 38 619 1977 132 44 6 50 1976 A 44 4 1979 44 44 2 46 Table h. NICARAGUA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL PUBLIC DEBT OUTS TANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1969 Debt Repayqble in Foreign Currency (In thousands of U.S. dollars) Page 3 DEbT OUTST (oayN F o;ERInn%0 PAYMFNTS dUQING PERIOD INCLUDING AMORTI*' YrAo UIiTcoiiocSFm 7ATInN INTEREST TOTAL FINANCIAL INSTITUTIONS 1970 38s579 11#375 1#687 13so62 9727204 li473 i26 12I6On 1972 L5'731 o 680 635 90315 1973 7#051 3P929 261 40s90 1974 3,123 1.461 149 1#610 i15 1661 1#461 72 !P533 1976 200 200 11 211 IDANS FROM INTERNATIONAL ORGANIZATIONS 1970 770804 2.893 2P514 5407 -&W. 1971 74P911 2#686 3*089 SP975 1972 720025 3*466 3#486 6,952 1973 68#560 41390 3#700 8,090 1974 64.I70 4*417 3P521 7,938 1975 59P753 4P447 3,260 7s706 1976 55s306 4P244 3.010 7P254 197? 50062 3,969 2P765 6735 1978 47P093 4P205 2,525 6p731 1979 42#888 4P334 WP272 6.605 1980 36P554 4*162 2*011 6#173 1981 34#393 3#974 1*766 5o739 1982 30s419 3P918 1#531 5P449 1983 26#501 40068 1,294 5,362 1984 22.A32 4P165 10052 5,217 Table 4.3: NICARAGUA - ESTIXATED FUTURE SERVICE PAY4ENTS ON EXTERNAL PUBLIC DEBT 7OUTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1969 Debt Repnyable in Foreign Currency (In thousands of U.S. dollars) Page h DEST OUTST (BEGIN OF PERIOD) PAYMENTS OURING PERIOD INCLUOING AMORTI- YEAR UNDISSURSED ZATION INTEREST TOTAL LOANS FROM INORAiiNAiAL O UANI2ATIONS 1970 39>854 10489 19370 2p859 19,7 38>365 1#478 1,594 3#072 1972 36>887 1*468 1#820 3,88 1973 35>419 2>159 2#038 4,197 1974 330260 2*281 1.990 4,971 1975 300979 2*081 10859 3»94' 1976 28)898 1,873 1*746 3,AI 19rT 27#025 1,709 1#638 30347 1978 25>316 1,975 1p529 Ifina 1979 23,341 2>097 1,406 3*503 1980 21>244 2#233 1*274 3.507 1981 19,011 2,371 1,135 3.506 1982 16*640 2s518 989 3>507 1983 14p122 2>672 831 3p53 1984 11#450 2#835 667 3, IDA 1970 2p995 22 22 1971 2#995 22 22 1972 2s995 22 22 1973 2.995 30 22 52 1974 2#965 30 22 52 1975 2.915 30 22 52 1976 2,905 30 22 52 1977 2t875 30 22 1978 2845 30 21 97 2,1530 21 51 1980 2>785 30 21 51 c98 275 30.0 219 5 1982 2>725 30 20 50 1984 2f606 90 20 120 1984 2p606 90 1919 т.,�., ��. �. NTГnRef:itд _ F�ттмдтнп Ftf�r�пгF �Fяvrr.F Рдvп�ттт� t1N F.XTFR13A1. FгITAi.T(: пF.RT 1o.�.ic ц.J ..__'..�...-.,.. _-...��.....�,.�.�.. . ........., ...✓...л....� .......�..�... .,.. .......�__...'_ ' __"._-" �__ _ OU15:ANDING INCLUDING UNDISBURSED AS OF DECEMF3ER Э1, 1969 Debt RеряуяЫе in Forei�n Currency (In thousarids of U.S. доцягs) Uя�л � ��r� ОЕ8Г Ot1T5T ��у и вдСГ.iN П1: oL'дТпn� DAvu�д1TS n11RTNG оРRТПП � у ь - v 1 Г ь.• а V Ч / •' 1 i�1 ь i� r в у v .�•• У Г ь . в v r INO�.I�pyNG AMORГI� VEAR iiNnTci��iocFn YdYTnti Itiт�'оЕсТ УПтбi . � ... v r � vv v � v� V �.. . .. у-- � .. � .в ��v • � в.� ••�. LOANS FROM тNTGRNA`1TONAI. ORGANTS'.ATTONS IDB 14i0 1б,474 1►1.31 б29 1в7бг i971 15i�4Э ;i9�1 А02 о л�� ii7'+J l472 14,212 1вЭ29 890 2о219 1 97� � �. яя3 а. ал� д ао .,....<< •�. - •---с, ..�� crcvv �97А 11�45б 1►327 750 2,р77 19%S i0: i�� iDa27 v6� а..е. 1 I У � 1 1476 е,802 1в327 577 1,904 1�%% 7•А7[ �•'$лi лС� в�еа в - • • - •,. � •. д�� �вsа 1v0a7 l978 б.►1ц8 1,327 405 1д7Э2 1070 4.p84V 1iy27 31о '/ 1вб б 19е0 з,а9э l•а12 2э4 1в2�б �08а е..д. .•�л 1г'i 851 • • G v V V 1 V/ 7 1982 !и®02 АЕ9 129 597 �дЧi 1;:�,�,4 �i`v i`v qvZ 1984 9Э7 �21 бS 38б ë�Yt i®70 i8v4vi 27.�а yi2 765 l971 18,208 27Т б7! 94е i47i j7AiJ1 wб� 77у 1о4[Z 197э 17,►2бг. 77л ео1 1вs_75_ i47; 1`vдŭov° 777 77=� 109J� i47g 15n709 1�008• Т15 lвi24 iO9б i�n70i 1,Oi� бо5 lдб7s 1977 13пбе7 90Э 615 lв31б 1;7о 12�� 7о4 ti7> >ТО 1в843 14T9 9lл911 s80 S27 1'40б л л 0 А ауо� 1iлг�Э�с 88о 482 1взб9 l981 1о,�145 е94 а3е lвз3t плвw a�vs i+iг5i �+OZ 393 lв294 Il4еэ в,зsо 41о эа7 1в25т 1у84 Т,440 �19 301 1п220 Table 4.3: NICARAGUA - ESTIMATED FU= SERVICE PAYMEMU ON EXTERNAL PUBLIC DEBT OMSTANDING INCLUDING UNDISBUIRSED AS OF DECEMBER 31, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Yage 6 a 01 L- ä- T k. n r- m r n -r r9 r-, n A v 4 r kl 7 C -aln 7 klo, ^r n T pir% CIPEGÄN ur ru-nak.ýu i r ^ I r-, b. Ix i v u u m I in u r L n I u v INCLUDING AMORT1- vrå åt Mr% le 0 ilm er r, «3 -A Ir 1 m hi m. nR Vynu& OUVMOF-v L^ i J. 1_..1 T` L L nALIC £-.Dn. nI-I UVVL-n[N Ltv l 11 75.9n95 960 752 lo 71-2 7t12 4 2% 4 12 ^at nTn .- i ý; 14 4. VW i#&(, 2p 48-i i976 72#92 1 2o7 10 448 2.9654 74 .715,2 12 ^ 7 A ^ -2 4r V t -94.7 2 ffi 64-9 i974 70.4515 1#262 1#407 2*6,69 6 774 .10443 1s443 2.-8`65 åt 11 ý % a o ft .9 nov# 3.3 1 1#,534 30 242 1978 60623 IP;1u 1#564 3#377 u 0 3 Z:> :0 1 U 3 p 8 3,6 1980 60.9485 2p327 1p451 3#77`8 58.0158 2*328 1,9392 3,0719 1982 55j,830 2*337 1,p332 30,669 19 ju, '13 53P473 2#2,83 1#272 3,# 556 1984 51p210 2p265 1*214 30479 GERMANY 9 if, 0 29500 9 9 1971 2s500 :092 43 43 Fr 2#500 77 r7 1973 2#500 112 112 i91,4 2#500 16; 135 302 1975 2#333 167 126 293 !976 2#167 167 117 284 1977 2*000 167 108 974 1976 19833 167 99 26,5 1979 1*667 167 89 1980 1,9500 167 80 247 1981 1>333 167 71 1982 10167 167 62 22 1983 1,0000 167 33 0340 1984 833 167 44 `iý 2 п_L� _ 1 -i _ 'А]ТГ�АЯАГIТТА _ L'СТТцвТLл т.УгТпппл пnп�плn п•ит�вм n�r в�vпп+п�r.в м�пттп пnлп 1av1� .�•1ул+и,иv.г+ -+л��ir►nar.L сиlиtгг, aGпV1l,� ГAIP1GP11J v1V �.i1�ltivAL rUtS1.1V uC,t31 OUTSTAЛIDIЛK'т INCLIIDING UNDISBURSID AS OF DECEMHER 31, 1969 ])ebt RsрауяЫе :in Foreigп Currency (In thousands of U.S. доllаrв) Yage l LOANS FROM GOV'ERЛIMENTS цЛТI TED S ТА Т'�,> 1 9УА Т7.г[�D4 ORn 9е г � rnл � - М � I в .i V �I 1 � �/ � � I ' V У i�,i �lабэs i.aoa 1,гз2 г,4эв 1�Р7 7Anh7A �•9А7 �.ё7А 7.т71 •- v-� ь- •�� v� а� и r v � i� 7 r г 19�Э� б9,222 1�гоТ 1,ЭЭ1 2�5э8 ;А�в ee:n;� ���л� а „уг i�,�� 19тs в�с,9го i.э1э �,г�rо 2,sез а01А aR.cn7 � ��t jiэгv б,pv[ л-•� v��vы� a,crv asr� во,э3t i,sa1 1.�xr г,9ав о67А vs%�v°� дi�°vv ii�vv Ji1i[ i979 6��144 3,�59 �д4г1 �,58П вААл со_naa n_•. �о. -�- л��v av•�v� ��ioŭ 1»11 „ S�i i�ea sб,агs z•iбi �.эго э.аег •�An ел ��w м_ .. �о.. � s►�c ��ioo�► ci'l►1 1вг�и э,4уi 19еэ 52,493 'ё,116 1�220 3,Э�б в0,1w ел_��в9� м_.�nл i11/I .Эlгв9 А�"� 7 V/� 1/ � 7 V 7 0 .S't.n�.i сг+i n е1 Слжгi nлл Т1� чп ..-S ..... vvцvr.�„�vivц у`) YyyG�7 illYl�jV31 Economics Depяrtmeпt viirao � j� ijw Table 4.4 NICARAGUA - EXTERNAL PUBLIC DEBT OUTSTANDING - --n An ^r., nml rwhxnnn 11 -Inza /-I DI DZ ,IVn AO Vr VZkrALDZA .)-L, k7UU /.L Debt Repayable in Foreign Currency kin thousands of U.S. dollars) Debt outstanding December 31, 1968. Sector Disbursed lncludtnf only undisbursed 'R)TAI, EXTERNAL PUBLIC DEBT 110,786 208,180 Central Government 29 230 80)2 5 Re-it of Public Suctor 36,268 54,848 Public Financial Intermediaries 4o,293 67,740 Priv3te Debt with Public Guarantee 4,995 5,337 /I Debt with an original or extended maturity ol' over one year. Statistical Services Division Foonnmins T)Pruqrt.mPnf. December 5, 1969 Table h.6: NICARAGUA - EXTERNAL PUBLIC DEBT OUTSTANDING AS OF DECEMBER 31, 1969 Debt Repayabl.e in Local Currency (In thousands of U.S. dol.lars) Debt Outstandirg December 31, 1969 aDisised 'Ijidluding only uindisbursed TOTAL EXTERNA.L PMBLIC DEBT il.67h 18.776 . ,J e n1 ,¶ 495 1.2I T.4936 wapBi 16,315 3LL0,I.5 67LL5UUL eelognnt oan Fun# g#ID 'j3939 Soc;ial Pr9grese Tr;usaè :fund J IDB 9,967 1 97 S ebt ;with~ an origiÅñ' r it(êdd urgg.ftÿ~f öVfèfnéöyé'j. Stgisti1., geryi.,ces Diision Economics pDpartmren ganiuary do, 7i Taine h7: NICARAGUA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL PUBLIC DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1969 Debt Repayable in Local Currency (In thousands of U.S. dollars) Page 1 DRT OUTST PAYMT RNG ERI (BEGIN OF PERIOD) NCL.ITTNG, AJMORTI- YEAR UNDISBURSED ZATION INTEREST TOTAL TOTAL EXTERNAL PUBLIC DEBT 1970 08,776 2,506 1,033 3,539 19f71 2,27o 2,7.i4 1,311 4,055 1972 h3,521 3,086 1,321 4,407 1973 4U,435 3,343 1,239 4,581 197h 37,092 3,283 1,131 4,413 1975 33,810 3,283 1,024 4,307 1976 30,527 3,264 918 4,182 1977 27,263 2,788 816 3,604 1978 24,475 2,788 727 3,515 1979 21,687 2,706 638 3,344 1980 18,981 2,472 554 3,026 1981 16,509 2,251 -83 2,737 1982 14,254 2,246 416 2,662 1983 12,009 2,099 350 2,449 1984 9,909 1,965 286 2,252 1985 7,944 1,832 230 2,063 1986 6,111 1,832 177 2,009 1987 4,279 1,497 122 1,619 1988 2,782 892 83 975 1989 1,890 892 5h 946 1990 999 771 24 796 Note: Includes service on all debt listed in Table 7 prepared January 28, 1971. ТаЫе )д.7: NICARAGUA - ESTIMATEП F[1TURE SERVTCE PAYMENTS ON EXTERNAL �'[7BI.1C ПЕВТ ,_ . UU'Р5'i'A1Vll1NG 1lVCLU1J11V('т U1Ч1JI5t3Ut(:_ir;ll p�i U1'� 1Jt'�LEN'itSN;lt _j'1� 1;+hj �I;UЧ'1'. ) Debt нера.уаЫе in Loca1 t;urrency (In thousands of U..S. dollяrsj Уа�е ' ПС�Т Пi�TGT °--- . в- V 1 L� 1 1 ы 1 (1ЭFGIN �F PFRI��) PAYMENTS �URING PER1йD iivcEiiптг�0 днйкт Т- � YEAR UNDI5BUR5Ep ZATIПN INTëREST ТПТА� тльц� гтгnм тпг�тгпrеттnиет. nиrеwт2еттnц� 1q70 3i�ai1 1►21о ба1 1,A5i 1971 30��01 1�4F48 92Э 2,41� 1972 ?8,713 1i825 9б8 2�79Э 197Э 26,А88 2�ОА1 919 3�П01 197а 2а,А06 2,021 �� 846 2,8бб 1975 22�786 2�021 773 �,79q 1976 20,7б5 2�002 701 2.9702 1977 18,76Э 1,9R2 б29 2�611 197А 1б,781 1,9д2 557 �,q40 1979 14,799 1,9�0 487 2,;8� 1980 12� А99 1, б73 421 2� А,.94 1981 11'226 1�472 367 З,АЭ9 i982 9,754 i�46a Э18 t�782 1983 gл290 1�464 2б9 1,733 1984 б,А2б 1�3Э0 220 1�551 1985 5,496 1�197 179 1,;7б 198б 4,�99 1�197 100 1,i37 1987 Э,102 9�4 100 1,А24 1988 2, 178 бg0 72 72:� l989 1�528 6g0 48 �,9g 199(1 А78 650 ?3 67q дС т.F 1�70 9Эб ' 11 1I 1971 9Эб А3 45 127 iУ7г п74 i17 45 162 197Э 7Э7 117 Э9 156 , lчrц бг0 i17 Э2 14о 1975 g03 117 26 143 i976 ;8б 117 20 1Э7 1977 �69 117 13 1Э0 _�.. 1Yiгs 152 11Т 7 124 1979 Э5 35 1 Зб ТаЫе l�.7: NICARAGUA -� F,STIMATED FUTiTRE SпRVICE PAYMENTS ON ERTERNAL PUBLIC; DEBT OiJTS7.'ANDINГ. TNCT.TTПTNC; TINПTSATTR�F.п в.S nF пFr.и�гFя �i _ i q�o Гrли*г 1 ----- --�------`- ----__....._..�.. +... .,. ..�.,......_... �, ..,� �...,.._ , Пs�а}�t. RдУ�у}�1 л yn Т�чn..1 Г`мпиапм� +л.�i.с4� v�aa • GaavJ � ГТn +�,,,,а.,,,а� ,.f ТТ е а,.��.. .,1 v_..� � ��.аа v.вvцUбaallв7 V1 V• V• t1V11Q1 ь7� Г(�:7 ) DEFЭT OUTST гBFGIи �)F PER1oD) РАУмЕЧТS ПURiNг PERI00 INC1_Е1(IING dмORTI• YEAR UNOI,�BURSEq ZATIПN YNTEREST T�TAI, I,C�AЛ1S FRO�I INTERNAT'IONAL OR(}ANIZATIOЛTS - IDB ]97р ?10,4Т5 1л210 б30 1�Яа0 ]9Т1 ��9s,65 1,4рб .At9 ?_,�84 19Т� 7�7,А59 1,7n8 9?Э ?,б31 1973 2!г5,]51 1л9б4 880 ,`2,даS 197а 9�а,�87 9r9t14 At3 'о717 1975 р�2,�8Э 1л904 7а7 9�бS1 1 97г5 ��0, �79 1 д 8А5 R81 �, �tбб �9г7 i8,a95 1Авб5 б16� г_,ае1 ]о7я 1l�вr[29 1 uA�Cg 4S1 7вa9lR 1979 14►7ба 1легSS 4$б -2�551 +,о8п 12•доА 1^б7Э а21 2•nOn 1981 11,226 1,а72 Эб7 1i839 вaQ�f n.vсьт i а�а :аА е..�а� i�..г_ � r �. a:.v. ,iv у• i..г ]9ез в,?9о 1,аба 2б9 lатаз �oRn б.д�lС �.а�п �лл �.в�i� i . � rc�, в�+�� ccv а� » а 1985 5�496 1�197 179 1�!%б toRc n nnA � 1л7 �•n � ai� а � v . D � s а 0 а� r j у v � i ,7 .+ � 1987 3,]02 924 100 1�02а 1е8и 2,97а 6�0 7` 72; 1989 1,528 650 48 б9В i 99i� д7v 65о Z3 б7 д LUANS FROM GOVERNI�IJTS - IIPTITED STATFS 1970 ]7�Эб5 1л296 Э92 9�б8д 1о71 1�с.пб9 1..2б1 Эд7 1•бап ]972 14,дОА 1л2б1 Э53 1л�S1а �в7ъ '��яsnY 9n�a/ a1G е•еА� • - " а--' � ' + .-` • .аа� . а-.��а . 1974 12,�8б 1п262 285 1aS47 �о75 .�.��а +•��� 2�1 1-`13 а� 1 а-� I с- а� ь ч� �97б 9,762 1о2б3 217 1р480 1оТ9 А,аАА а0� 1рТ- ��; ]97R 7,д9а ®Об 1б9 97g �о7о б,даg а�б i�1 9�� 19Но б,П82 799 13Э 9ЭЭ ]9Ai „ iв� 7д2 116 А97 1982 4,501 7д2 9А д8П в е А� ]_ п. е �. с л . ��••� �• r i� �» о1 71б ]9да Э,П83 бз5 бб 701 i9U5 2�ц0А `v35 71 г�д7 198б 1,д12 Ь35 Э7 б72 19�7 ],j77 77.i ZL 5Ч5 19'Ад RОц 242 . 11 �57 no„ 1У�у iOL 2q2 б 7ад 1ру(1 121 1�1 1 12� Table 4.7: NICAUGUA - ESTIMA TED FUMRE SERVICE PAYMENTS ON EXIERNAL PUBLIC DEBT 1 11 A lkTn"Trl TkT#ýTTMT'kTtl TT1,M1rL'1~ L4T., e ^ - -% ý -.,- % VVIQ.Ljuxjj.kiw Ilja Ur ijzk.,r~ r% _1.L, IYDY kUUNT.) 1"Lapayaulø ln Lucai- Gurrency kIn thousands of U.S. dcý-Liars) Page Drnt ntjTQT (SFGJN OF PERInD) PAYMENTS CURING PFRTOD j.NCLUDING AMORTI- YEAR UNDISSURSED ZATInN INTEREST TOTAL MANS FROM GOVEREMM `UNITED STATES DE=MM WAN- FM - An SR3 194 1971 4øRO9 5m3 163 74& 0 7 --1 15, f. 3,PÅ 4 4 &Rot 1975 2#478 5133 2 A64 1n7& iftl 11 u ý,j 19 7 7 1p312 125 45 170 i9vna i I åt ti 6116 ri- 1979 1,P062 36 161 1981 A12 125 27 IS? 1982 1k ,ft la 1983 %6ý 125 19 1 44 91, 4 4,%7 r.5 4 lå 2 1985 112 125 10 135 1986. 181 4112 3 o 1987 62 62 64 IjOANS FýW]4 GOVEM~ S uniL-ir&u i IAIL3 sociAL PGWM -, TRUS FUND - 1970 11p973 713 208 922 1971 ii»:>60 1972 i0,9s82 678 210 Fjes I r^ a ^19 1973 9*904 17( 1974 .9p725 679 1,83 st2 1975 8*546 679 v A-49 1976 7PR67 680 156 83å 1977 7*187 680 i42 g-£-, 1978 69507 681 129 8-10 1979 5*826 6131 115 rye 1980 5»145 674 102 776 1981 49470 6sr 88 ?45 1982 3p813 6%7 75 73? 1983 3,,157 510 62 rý 7:> 1984 2p646 510 52 56? 1985 29136 510 42 557 1986 1#625 slo 31 %47 1987 iffil15 510 21 53? tQ8R øk04 242 11 ?57 989 162 242 6 74A .99n 121 1?1 122 Statistical Services Division Economice Departmant January 28, 1971 V. PUBLIC FINANCE 5.1 Public Sector Operations, 1965-1972. 5.2 Central Government Current Revenues, 1965-1972 5.3 Central Government Current and Capital Expenditures, 1965-1972 Tabla 5.1: NICARAGUA: PUBLIC SECTOR OPERATIONS 1965-72 (in millions of cordobaS) 1969 1966 , 16 -o1969 1910 /O 1 19 2 Actuals Estimate Projections (1) Central Government Current Revenues 444.3 h7h.7 485.6 471 h92.9 576.- 660 717 Current Expenditures 313.0 368.7 l4i1.2 28.9 156.1 480.2 506 557 Current Account Surplus 131.3 106.0 68.Li 11.2 36.8 95.9 154 160 Investment Expenditures 113.5 151.3 165.9 97.0 113.3 16h.5 216 226 Direct 94.0 195.8 1h6.9 87.0 79.1. 111.1 148 Indirect 2h.5 25.5 19.0 10.0 34.2 53.h 68 Surplus/Deficit - 12.8 -65.3 -97.5 -55.8 -76.2 -686 -62 -66 Net External Financirg 8.3 33.0 h3-3 37. 28.7 62.1 51 60 Gross Disbursement 13.h 39.3 57,5 5A.3 47.1 82.8 85 95 Amnortiz,ation 5.1 6.3 14.2 16.9 18.h 20.7 314 35 Net Domestic Financing (or .-2.1 12.3 5..2 18.L h7.8 6.5 1l 6 required financing) Table 5.1: InMiA: FIBLIc SZTM. m,D.Is 1965-72 J. l 197 jóÜ l'23170 1 l7 i ,2) Rest of Public Sector 1/ Current Revenues 2c92. 355.5 373.8 L9>.1 L77. 501 589 'Vurrent L:penditures 223.8 275.Z 352.- 332-7 393.5 25 1k. Current Account Surplus 68.6 3 .k 70.8 71.I. 83.8 8795 InvestMent $xenditures d7.7 12 .5 1o6.8 l z.5 117.8 120 li4D 18h Surplus/Dericit -.19.1 -h.1 -30.0 -33-1 -3.0 -Lo - 5 - 9 Net txternal Financing 12.8 51.1 19.6 h6. 29.8 J4O I9o Gr csai Disbursment 24.3 69.-3 31.5 63.9 67.2 7) 75 110 A".ortization 11.5 18.2 1-9 17-5 37J4 30 30 Net Domestic Ftiancing 6. 3 -7.0 104. -13-3 4.2 1/ Excludinig Transfer from Central Govmrm et. 'DeZt.it z. p<Z i setur is tha at t N n g CC tIe.. Table 5.1: NICARILGUA: PUSLIC SECTOR OPERATIONS L9§5-72 Page 3 of 3 ( in millions of cordobas ) 1965 1966 1967 1968 1969 1970 1971 1972 Actuals Estimate roj ctions (3) Consolidated Public Sector Current Revenues 736.7 830.2 864.4 924.2 970.2 1077.1 1208 1316 Current Expenditures 536.8 6h3.8 719.2 811.6 84.9.6 901.2 960 1061 Current Account Surplus 199.9 186.h 1L5.2 112.6 120.6 175.2 2h8 255 Investment Expenditures 206.2 275.8 272.7 201.5 231.1 284.5 356 io Surplus/Deficit -6.3 --89.h -127.5 -88.9 -110.5 -108.5 115 -155 Net External Financing 21.1 8.1 62.9 83.8 58.5 102.1 100 lho Gross Disbursement 37.7 108.6 89.0 118.2 114..3 152.8 160 205 AmortizatIon 16.6 2h.5 26.1 3h.h 55.8 50.7 6 65 Net Domestic Financing (or required financing) -14.8 5.3 6h.6 5.1 52.0 6.5 15 15 cource: Gentral Bank and staff projections. Table 5.2: NICARAGUA: CENTRAL GOVERNMENT CURRENT REVENIES, 1965-1972 (In million of cordobas) 1965 1966 1967 1968 1969 1970 1971 1972 - Pro;ected Pro;jecbed Tax revenues 0,0.1 418.3 434.5 420.h 430.8 503.8 589.3 650 Direct taxes ' l06.3 ~ 91.1 106.5 ~.0 Income taxes 33.2 . 6 3 T 5.1 Property taxes 30.6 34.6 36.8 h3.5 4l.0 51.h 70.0 Indirect taxes 316.3 322.h 328.2 324.6 339.7 397.3 h6.3 500 Foreign trade 17,4.0 l 7 I62.9 I. 1_ 133.1 146 ¯¯1 75 (Import duties) 1/ (16¯E) (157.9) ('1ý2.) (1263) ( ~977) (107.6) (118.6) (Import surcharges)- - - - ( 8.6) ( 19.1) ( 20.6) ( 22.0) (Export duties) ( 7.6) ( 9.8) ( 10.h) ( 4.7) ( 4.0) ( 4.9) ( 5.5) Domestic transactions 142.3 154.7 165.3 184.5 218.9 264.2 308.2 325 Beer and 1lquor 33.5 .350 35 30 >0 .0 Tobacco 29.5 31.6 32.0 34.0 35.9 37.8 38.0 Petroleum 37.8 41.1 40.9 40.9 h2.2 43.9 h5.h Sales tax 2/ 3.2 3.h 4.4 10.3 12.7 8.7 4.8 Compensation tad - - - - 20.7 29.7 37.0 5% general sales t,aix - - - - - 30.1 50.0 Other 38.3 43.6 52.1 58.9 63.0 66.5 83.0 Non tax revenue _ 56.4 47.1 h5.0 57.2 67. 65.2 60 Services 17.7 18.2 22. 23.1 27.2 33.0 3 0 Monopolies 6.9 7.3 7.5 7.9 8.1 8.8 9.h Other 19.6 30.9 17.2 14.0 21.9 25.6 20.8 Earmarked revenues - - 0.5 4.8 4.9 6.0 7 Total .444.3 474.7 485.6 70.1 492.9 576.1 660.5 717 / 30 percent import surcharge of San Jose Protocol. 2/ Consumption taxes on goods of Central American Origin. 3/ Decree No. 1103 of May 1970. Source: Tribunal de Cuentas 1965-69; Mission estimates 1970-72. Table 5.3: NtCARAGUA CENTRL GOVER"ENT, CURE'NT AND CAPITAL EXPENDITURES, 1965-1972 (in millions of cordobas) 1965 1966 1967 196 1969 1970 1971 1972 Current Excenditures 31. 0 363.7 417.2 128.9 Lh2.h h80.2 505.7 557 :!ag sa~rdSalaries 192.9 223.6 2-..2 72~ 29 .9 ~)30.7 Goods and Services 2 h 67.h 63.9 66.7 68.92 ) 7 0`her 7 9.0 7.8 9.3 15.3 ) ) Interest on Debt 5.8 6.9 8.2 11.1 13.6 ) 20.5 Tra.n:sfers 5.9 61.8 89.1 81.7 85.2 102.7 1l.5 (to rest of public sector) (2 9.1) (19.5) (b3.) -36.7) Canital Eenditure 118.5 151.3 165.9 97.0 127.0 164.5 240.2 235 Direct investment ¯91.0 125.7 1T6.7 -7-. 7¯9.8 Î1Ï1. i 9.-9 1'ac'hinery & Equipment 160 ¯56 1 34.1 5.6 3.9 Constructicn & Public Works 76.7 76.5 102.8 65.2 85.3 1. Water & Sewerage (5.3) (6.5) (3.7) (6.3) (6.5) :2. Education (4.8) (5.0) (3.9) (2.5) (8.2) 3. Health (0.3) (0.6) (0.7) (0.h) (1.2) 4. Transport (57.7) (48.4) (8h.6) (h9.9) (64.1) 5. Communications (2.5) (5.2) (0.5) (0.8) (0.5) 6. Public Buildings (5.5) (8.8) (7.6) (3.7) (4.3) 7. Other (0.6) (2.0) (1.8) (1.6) (0.5) Indirect Investment (transfers) 2_.5 25.5 19.0 10.0 37.2 53rh 80.3 Source: Central Bank. VI. MONEY AND CREDIT 6.1 Summary Accounts of the Banking System, 1964-1970 6.2 Summary Accounts of the National Development Institute, 1964-1969 Page 1 of 2 Table 6.1: NICARAGUA: SUMARY ACCOUNTS OF THE BANKING SYSTEM, 1964-1970 (In millions of cordobas) Ed of Period November 1961 1965 1966 1967 1968 1969 1969 1970 I. Central Bank Tnt.ernational reserves. net 208.6 33L.3 3!'6.8 218.1 223.6 211.2 212.9 273.8 Foreign assets 272.6 400.2 406.9 191.3 337.9 5. 319.4 331.3 Net IMF position - 59.6 - 59.0 - 45.7 33.3 - 99.8 - 93.0 - 92.9 - 56.1 Short-term liabilities - 4.8 - 6.9 - 1. 6. . -13.6 - 8.1 Holdings of SDR's - - 6.7 Domestic assets 116.4 13.1 78.0 201.9 163.8 190.3 11.7 118.1 Credit to Central Government, net 64.1 2 . 416.T 83.1 7'E 7 92.9 90.8 82.1 Credit 121.1 118.2 117.3 110.2 115.0 119.1 119.5 116.8 Cons olidate d debt ( 8.0) ( 80.7) ( 79.0) ( 772 ( 73. n A9.) (x .6.9 ( 66.1) Subscriptions to international organizations ( 39.1) ( 37.5) ( 38.3) ( 33.0) ( 11.5) ( 49.6) ( 19.6) ( 50.7) Deposits - 57.0 - 92.0 - 70.9 - 26.8 - 10.3 - 26.5 - 28.7 - 31.7 Credit to INFONAC 9.8 7.0 25.5 36.0 39.1 Credit. to rest of public sector, net 0. 2.7 8.9 18.3 2.1 65.8 65.5 Credit 1.4 3.9 10.0 20.5 9.5 73.2 73.0 71.9 Deposits - 1.0 - 1.2 - 1.1 - 2.2 - 7.4 - 7.2 - 7.2 - 6.1 Credit to National Bank 93.9 11.h 10.8 115.6 100.6 93.0 93.8 93.1 Credit to private commercial banks 8.3 - - - - - - - Official capital and reserves - 2h.6 - 2)1. - 2.A - 26.h - 26.7 - 26.7 - 26.7 - 27.1 Obligations to international agencies - 20.7 - 19.7 - 20.9 - 18.5 - 21.4 - 23.6 - 24.6 17.1 Deposits of international agencies - 1.2 - 3.0 - 8.1 - 10.7 - 17.1 - 18.1 27.1 Unclassified assets, net - 11.8 11.2 5.9 4.6 6.1 5.9 h.0 1.0 Allocation of SDR' s - - - 22.3 Foreign liabilities (medium- and long-ten) 28.0 16.8 6.6 1.0 1.0 1.0 1.0 0.5 Liabilities to banks 106. 124.1 181. 193.4 180.5 175.8 2,88.9 185.3 L.LT)L~4. U )4 V U.u 4L e "-).4I 416-79 L4U ".L.0 Deposits 72.7 90.1 86.7 79.1 60.0 52.3 77.0 66.6 Development bonds - - 56.0 73.1 77.1 77.1 77.1 77.1 Reserve deposits of INFONAC 2.2 3.0 2.5 2.2 2.8 Liabilities to private sector 188.1 205. 23 226.2 211.6 221.7 207.8 236.1 Currency in circulation '197.7 227.2 l222.1 208. 2 -02.8 230.6 Sight deposits and certified checks 1.6 0.3 0.7 0.1 0.1 2.0 0.9 1.2 Other liabilities 1.1 7.0 8.5 3.8 6.0 4.2 1.1 1.3 II. National Bank international reserves, net - 26.7 -120.1 -188.7 -180.3 -162.1 -176.9 -170.5 -102.2 Foreign assets 9.2 17.5 11.0 6.7 19.6 7.2 13.2 11.5 Short-term liabilities - 35.9 -137.6 -199.7 -186.2 -182.0 -181.1 -183.7 -173.7 Domestic assets 275.8 352.8 487.6 601.1 668.2 696.2 681.L 691.1 Currency and reserve deposits _1. 30. -72.0 . 7 =1. 20 iF-7 2?. Credit to Central Government, net - 0.1 - - - - - - - Credit - - - - - - - - Deposits - 0.1 - - - - - - - Credit to official entities, net - 24.5 - 21.4 - 21.7 - 33.6 - 11.3 - 38.0 - 59.9 - 56.3 Credit . 5.3 .2 5.2 5.1 .0 5.1 0.1 Deposits - 29.9 - 26.7 - 29.9 - 38.8 - h6.1 - 13.0 - 61.9 - 56.7 Credit to private sector 377.1 151.5 582.1 695.3 779.3 824.2 795.3 852.8 Official capital and reserves -135.9 -14U.2 -112.7 -J140. 1 -118.5 -1186.3 -116.3 -168.9 Unclassified assets, net 17.2 21.9 30.9 49.2 56.1 36.1 c6.9 36.7 Foreign liabilities (medium- and long-term) 33.7 62.7 98.7 1L6.1 261.8 280.0 280.7 285.1 Liabilities to Central Bank 93.9 11.1 39.8 111.3 99.3 91.7 87.7 91.7 Liabilities to private sector 121.5 158.6 159.5 158.3 144.9 147.6 1L2.1 152.1 Sight deposits . 103.8 TY . 73.0 70.7 72.1 Time and savings deposits ) ) ) 51.3 60.6 68.7 70.2 68.2 Other liabilities 35.6- 51.8 73.1 17.7 11.3 13.6 13.0 12.1 17 7 11- 36 3. 1. Page 2 of 2 Table 6.1: NICARAGUA: SUMMARY ACCOUNTS OF THE BANKING SYSTEM, 1964-1970 (In millions of cordobas) End of Period November 1964 196 1966 1970 1900 1969 1969 170 III. Private Commercial Banks International reserves, net - 17.3 - 44.2 - 60.4 - 52.3 - 51.2 - 60.6 - 6.0 Foreign assets 13.1 19.9 37.9 22.0 22.2 23.9 177 19.6 Short-term liabilities - 3.6 - 37.2 - 82.1 - 82.L - 74.5 - 75.1 - 78.2 - 65.6 Domestic assets PAQ.2 375.1 784 0 q19A Chh 1 97. Q An Claims on Central Bank .1. TIW M 1.3 Mi 152.5 1 6. Currency and reserve deposits 64.8 86.6 84.4 83.7 82.2 79.1 75.4 83.L Development bonds - - 56.0 73.1 77.1 77.1 77.1 77.1 Credit to private sector 182.1 258.3 304.4 313.5 318.6 345.9 331.5 367.6 Unclassified assets, net 22.3 30.2 33.7 39.3 h1.1 L2.1 3.9 72? Foreign liabilities (medium- and long-term) - 2.3 1.8 1.2 2.8 1.9 2.2 - Liabilities to Central Bank 8.3 - - - - - - - Liabilities to private sector 270.4 355.5 432.5 448.o 46.2 190.9 h65.1 53.8 Sight deposits 1.72 1.J291521. . 191.L 23).4 Tie and savings deposits ) ) ) 119.5 131.5 137.7 1L4.5 160.7 Other liabilities ) 34.9 ) 65.5 ) 102.2 6.3 11.5 11.3 12.6 16.1 Capital and reserves 64.3 73.6 101.2 109.1 11.7 117.3 116.6 122.6 IV. Banking System International reserves, net 191.4 197.6 113.9 - 22.6 8.9 - 16.9 - 18.2 65.6 Foreign assets 29L.9 3T. 17T . 220.0 379.7 3O 370.2 36 . Holdings of SDR's - - 6.7 Net IMF position - 59.6 - 59.3 - 45.7 33.3 - 99.8 - 93.0 - 92.9 - 56.1 i10817 -29.2 -275.9 -271.0 -26.-5 -217. Domestic assets 4-5o-2 599.0 820.8 1,012.0 1,0686 1,163-2 1,115- 21l1lL-< Credit to Central Government, net _626.2 41-11 82T 4167 92.9 90. 62.1 Credit 121.1 118.2 117.3 110.2 115.0 119.L 119.5 116.8 Deposits 1t7.1 09.0 70.0 02. 0 2. -87 -R L.7 Credit to INFONAC, net 5.3 2.7 18.7 29.8 34.8 Credit to rest of public sector, net - 21.8 - 17.7 - 11.7 - 11.5 - 37.8 - 28.0 5.9 9.2 Credit 6.8 9.3 15.2 25.7 14.6 Deposits - 28.6 - 27.0 - 26.9 - 37.2 - 52.4 Credit to private sector DD9.) 712.8 8u.6 1,007.0 1,097.9 1,170.1 1,126.7 1,220.4 Official capital and reserves -160.5 -164.7 -168.3 -173.1 -175.2 -173.0 -173.0 -196.0 Allocation of SDR's - - - 22.3 Obligations to international agencies - 20.7 - 19.7 - 20.9 - 18.5 - 21.h - 23.6 - 2L.6 - 17.1 Deposits of international agencies - 1.2 - 3.0 - 8.1 - 10.7 - 17.1 - 18.4 - 27.1 Unclassified assets, net 21.7 18.9 69.1 93.3 103.6 8l.1 101.7 90.. Interbank float - 0.2 0.5 1.9 1.6 2.7 1.8 3.1 3.7 Foreign liabilities (medium- and long-term) 61_7 81.8 107.1 18.6 268.6 282.9 283.9 285.6 Liabilities to private sector 580.0 719.1 828.L 832.6 823.7 863.2 815.3 923.3 Currency in circulation 185.4 197.7 227.2 222.L 208.5 218.5 202.8 230.6 Sight deposits 257.1 320.5 315.5 299.5 279.6 29.6 255.0 30.6 Time and savings deposits 56.6 )127.6 18.5 173.8 192.1 203.8 211.0 233.0 Othe l iites 16.6 27-8 28.8 29.1 29.8 22.q Private capital and reserves 64.3 73.6 101.2 109.1 114.7 117.3 116.6 122.6 Sowrce: Inter'national Monetary F)-n d. Table6.:NICA SQTTAMMAV ACOfT1rq r)P ITHE NATIONAL DEVELOPMENT INSTITUTE, 1964- 1969 (In millions of cordobas) End of Period 19b4 1905 1960 1967 9 Currency and deposits 4.5 4.3 6.8 6.2 4.3 3,5 Of which, reserve deposits in Central Bank (2.2) (3.0) (2.5) (2.2) (2.8) (2.2) Domestic credit 97.5 115.7 151.0 211.8 275.6 339.4 To Central Government 11.3 7.2 5.3 5.2 9-3 7.8 To private sector 73.0 90.0 127.7 181.1 236.1 291.0 Loans (58.3) (63.3) (91.2) (139.4) (180.0) (222.2) Investments (14.7) (26.7) (36.5) (41-7) (56.1) (68.8) Other assets 12.7 18.5 18.0 25.5 30.2 40,6 Net foreil-n liabilities -14.6 -28.1 -44.1 -84.3 -135.3 192.0 Foreign assets 1.0 0.5 2.2 2. .b 3.3 Short-term liabilities -4.7 -7.3 -11.4 -13.7 -30.4 - 47.4 Medium-term liabilities -- -- -- -27.2 -42.5 ) Long-term liabilities -10.9 -21.3 -34.9 -46.0 -65.0 )5-17 9 Liabilities to Central B-nk 9.8 7.0 25.5 36.0 39. 1 L0 1 Liabilities to nrivato snrtor 14.9 20.3 2A1 24.0 25.0 30.2 Savings deposits TW.7 19.5 27.4 2Q37 71 26.7 Bonds 0.2 0.8 0.7 0.6 1.0 3 5 Bonds held by CAnFT 5.0 0 3. 8R0.5 10 6 Bonds held by official agencies 2.7 3.9 3.7 3.7 4.4 6.6 Offi-il tnnit .p 1. h75 -qun 51 0 50.4 L5.0 Other contingency reserves 10.5 4.6 4.9 6.2 6.7 6.7 Other liahitIes 3.3 3.6 42 4.8 10.c 11.7 Sources:' National Development Institute. Central Bank of Nicaragua; and Superintendency of 14nks rmd Cthe-r Tnstitiio-ns. VII. A(IRICULTURE 7.1 Land Potential and Utilization by Region 7.2 Number and Area of Farms, by Size Group 7.3 Area Under Principal Crops - 1959/60, 1965/66 and 1968/69 7.4 Area, Production and Yield, Principal Crops, 1959/60 - 1968/69 7.5 Geographic Distribution of Agricultural Production, 1967 7.6 Structure of Cost of Cotton Production, 1962/63 and 1966/67 7.7 Estimated Production, Consumption and Surplus of Basic Grains in the Central American Common Market, 1968-1969 Table 7.1 : NICARAGUA* LAND POTENTIAL AND UTILIZATION BY REGION (000 hectares and percentages) Cultivable Potentially , y Land under,, land not Region cultivable land±' Percent cultivationi' Percent in use Percent A. Pacific 952.2 19.2 844.3 37.9 107.9 3.9 B. Central and Northern 1,232.2 24.8 1,023.3 45.9 208.9 7.7 C. Atlantic 2,778.4 56.0 360.5 16.2 2,417.9 88.4 Total 4,962.8 100.0 2,228.1 100.0 2,734.7 100.0 1/ Based on Potential Land Use in Nicaragua, FAO, 1964. 2/ Based on 1963 Census. Source: Planning Office. Table 7.2 : NICARAGUA: NUMBER AND AREA OF FARMS, BY SIZE GROUP Total Average Size group Number Percent area Percent size farm (manzanas) (manzanas) kUaanzanas) 1 - 9 51,936 50.8 190,098 3.5 3.7 10 - 49 27,976 27.4 614,136 11.2 21.9 50 - 499 20,794 20.3 2,408,618 44.1 115.8 500 anid up 1495 1.5 2i2483131/ 11.1 1,504.0 Total: 102,201 100.0 5,461,162 100.0 53.4 - Approximately half of this area is in pawtures. Source: Agricultural Census 1963. Table 7.3: NICARAGUA: AREA UNDER PRINCIPAL CROPS 1959/60, 1965/66 AND 1968/69 (000 manzanas and percentages) Percent Chanze 1959/60 1965/66 1968/69 196/66-1968/69 Coffee 109.6 128.8 128.0 - 0.6 Cotton 94.7 228.8 203.2 -11.2 Sesame 23.0 10.6 14.o 32.1 Corn 182.6 279.2 .325.1 16.4 Beans 56.3 7b.6 83.3 11.7 Rice 29.8 35.6 45.3 27.2 Sorghum 69.1 76.1 71.6 - 2.0 Sugarcane 28.1 31.0 b2.8 38.0 Source: Planning Office, Central Bank. Table7.-_ : f: ARE , PRoDUCTIQH, AND YIELi, PRINCIPAI CROPS, 1959/60 - 1968/69 (Area: thousanA -ianzana3; Production; thousand quinLals; Yieldý Qui e er ranzana) 1959/60 1960/61 1961/62 1962/63 1963/6 196W/65 196/66 1966/67 1967/68 1P65/69 c.otton Area 934.7 81L.5 107.3 134.2 164.8 191.3 2ó2.8 213 205.1 180 .0 Production 1,906.2 2,139.2 3,608.1 4,692.; 5,999.9 7,846.4 7071. 739-.9 6 565.2 5,974.0 Yield 20.1 24.6 32.7 34.8 35.3 340.8 334.9 3L7 31--A 32; Coffee Area 109.6 117.7 122.9 128.1 119.o 125.8 l28.8 U6.0 128.0 Production 516.8 570.9 539.6 601.1 642.1 681.8 678.¶ 678.3 736.3 656.0 Yield 4.7 44.9 .1 4.7 5.b 5.h 5.3 b.8 51 Sesame Area 23.0 19.9 15.3 9.3 9.9 12.2 i.,6 11.7 ProductIon 191.6 175.8 123.9 123.2 13h.1 120.2 127.7 122.0 1w1.8 Yield 8.5 8.8 8.1 1.3 1.5 9.8 11.c 10.5 Maize Area 182.6 187.2 207.4 200.7 224.3 2149.3 279.2 282,2 Prouction 2,173.3 2,53T.9 2,67T.9 2,724.6 3,09É.6 3,337.0 3,722.9 3,826.8 6 4,398.1 Yield, 11.7 138 12.9 13-.6 13Y.5 17.8 1-3-3 1-3.::6 Beans Ama 56.3 54.1 65.,5 61.0 60.9 o 0.5 734.6 79.9 Production 478.9 683.7 696.2 627.4 7W,i9 7t4.6' B!-.; 912.0 957.6 Yield 8.5 8.9 lo 6 10.3' 1.9 i 11.6 11. Rice- Area- 29.8 30.5 33.-9 32.3 30.6 32.,1 35.6 3.6 Production 441. 6. 525.1 500.6 632.5 6157-.-- 727.0 .7 923.8 Yield 14.8 15.1 15.5 15-.>5 20.6- 20ó b- 20.1. 22.9 Sorgum An0 83. 6 72.0 .9 2:7.2 Procction 515'.o 866.8 , .r- 1.,06T.2: 9t.3r i a2,6 1, .9 1, '5 ,12ý3.6 Tied 12-.3 11.8, 13.9 13 k4 15.0 Sugarcane Area, 28.1 30.8 39. 32.5' 3.34 30.L 35.9 36.3 Prodctio (o000 Tons) 1,0 .6 1,137.6 1,420.9 1,1i.9, 1,100.7 1,10?. 2- 1,29,7- 1,570.5: 1,650.0 Yield (Tonsmanzana) 36.9 36.9 36.1 .8: 36.2 36Z .4 o0' 43.3 3ource, Flannin,g Off' r . NICARAGUA: GEOGERAPHICAL DISTRIBUTION OF AGRICULTURAL PRODUCTION, PRINCIPAL CROPS, 1967 (In percentages) Regions and d,epartmnts CottoL Coffee Rice Maize Beuns Sorghum Sesame Sukgarcane Pacific 96.5 42_, 47.2 30.9 24.4 52.5 88.1 85.0 Chinandega 37.8 0.2 5.6 9.2 1.1 7.2 14.2 57.0 Leon 30.8 0.5 0.7 5.1 2.9 12.1 45.0 0.2 Managua 15.7 19.6 8.1 5.4 4.2 10.6 9.5 15.3 Maaya 6.9 5.0 2.9 3.2 2.0 0.8 4.6 Granada 3.7 2.6 10.2 1.4 4.6 1.3 3.2 2.9 Camazo 0.5 14.5 6.8 3.0 5.9 17.5 3.8 2.h Rivas 1.1 - 12.9 3.6 4.8 3.0 7.8 7.2 Central and northern 3.2 5.0 25.4 68 _.8 11_,.. 1.0 Chontales - 3.5 12.5 6.6 5.8 - 0.6 Boaco - 1.5 16.8 8.1 7.7 12.3 0.8 Matagalpa 2.6 24.7 .3.4 19.4 23.3 16.3 4.0 2.2 Jinotega - 16.9 0.4 10.3 9.4 2.7 - 2.8 Esteli 0.3 1.8 - 3.4 7.8 3.2 6.6 1.8 Madriz 0.3 3.4 - 2.3 5.1 4.5 1.3 0.1 Nueva Segovia - 8.7 1.3 2.9 4.9 1.0 - 1.4 Atlantic .- 26.9 10.90 9.7 - _- .7 Zelaya - - 12.8 8.8 6.6 - - 4.4 Rio San Juan - - 14.1 1.2 3.1 - - 0.3 Source: Planning Office. Table 7.: NICARAGUA: STRUCTURE OF COST OF COTTON PRODUCTION, i962/63 AND 1960/&( (Cordobas per rnanzana and percentages) 1962/63 % 1966/67 Fercent, Chatng 1962/63 to 1966/67 Land rent Paid out cost 82.0 5.8 1?1.7 5.4 18.1 Inputed cost 118.0 8.4 1h0.h 6.2 19.0 Sub-total 200.0 17.7 22.1 IT. Seeds 22.8 1.6 31.1 1.h 36.4 Insecticides 285.9 20.3 53h.8 23.7 87.0 Fertilizers 100.8 7.1 167.9 7.4 66.6 Fuel 55.5 3.9 82.9 3.7 19.1 Labor Cultivation 294.7 20.9 532.0 23.6 8O.C Harvesting 279.4 19.8 289.1 12.8 3.5 Transport 31.2 2.2 8.3 0.8 -73 JL Machirery repair 40.8 2.9 70.1 3.1 71.8 Depreciation of equip. 75.9 5.4 100.1 . . 41. Other costs 23.1 1.6 175.4 7.8 Total per manzana 1,410.1 100.0 2,253.7 100.0 59.8 1/ Not comparable because of inclusion of more items in 1966/67 than in 1962/03. Source: Based on data provided by the National Cotton Commission. Table 7.7 NCARAUA: ESTIMATED PRODUCTION,'CONSUMPTION ANDRPLUS OF BASIC GRAINS IN THE CENTRAL AMERICAN COMMON MARKET, 1968-69 Country Ricel/ Corn Beans Sorghum (1,000 cwt.) Production Costa Rica 1,250 1,650 565 207 El Salvador 1,200 5,600 215 2,400 Guatemala 312 14,550 1,500 352 Honduras 550 8,500 1,273 1,450 Nicaragua 895 958 1 124 Total a,zuf 34,oo 4,5fl 5,533 Consumption Costa Rica 938 1,757 512 238 El Salvador 516 5,800 806 2,739 Guatemala 4l8 13,160 929 2/ Honduras 431 5,843 734 946 Nicaragua 872 4,396 910 1 220 Total 3,174 30,954 3,891 5,143 Surplus Costa Rica 312 -107 53 - 31 El Salvador 684 -200 -591 -339 Guatemala -106 1,390 571 2/ Honduras 119 2,657 539 504 Nicaragua _2 - h8 - 96 Total 1,033 3,7h 620 390 V 1/ Milled basis. 2/ Not abailable. 3/ Assumes Guatemala production equals consumption. Source: Louisiana State University "A Study of Agricultural Marketing Problems and Potentials in Nicaragua". July 1969. These are estimates based on interviews with various government and pri- vate bank officials. 8.1 Indicators of Industrial and Mining Output, 1960-1969 8.2 Structure of Industrial Value Added, 1960- 1969 8.3 Imports of Raw Materials as Percent of Total Raw Materials Consumed in Manufacturing, 1963-1968 80.8 Imports as a Percent of Total Manufacturing Supplies, -196y 8.5 Distribution of ;mployment and Average Salaries Per Week in Industry 1966-,69 8.6 Industrial Credit, 1965-1969 Table 8.1: NICARAGUA: INDICATORS OF INDJSTRIAL AND lNING OUTP[JT, 1960-1969 1960 1961 1962 1963 196i4 1965 1966 1967 1968 1969 Industrial products (million units) Vegetable oils (lbs.) 15.3 12.1 13.1 19.2 15.0 15.5 25.8 42.0 43.0 45.5 Sugar (q.) 1. 4 1.7 1.9 1.8 2.2 2.2 1.6 2.1 2.2 2.7 Beer (liters) 4.1 4.2 5.7 7.6 9.7 12.0 13.7 14.8 22.2 23.9 Ræn (liters) 4.0 6.c) 6. 4 7.0 9.1 8.6 9.1 9.6 . Soft drinks (liters) 21.8 23.0 31.3 26.14 31.2 37.1 46.0 48.2 Cigarettes (number) 819.0 809.0 825.0 891.0 933.1 1,00:2.0 1,063.2 1,064.8 1,175.0 1,215.0 Matches (boxes) 21.7 21.6 2>4.5 26.3 28.4 32.> 30.0 33.0 35.8 36.3 Instant coffee (lbs.) .. 2.0 3.5 3.3 2.6 2.2 1.6 0.5 0.6 1.1 Soap (lbs.) 9.5 11.4 14.8 15.3 15.3 15.2 16.7 17.5 .. .. Textiles (yard) 17 9.3 9.3 12.2 12.5 12.4 13.0 11.0 12.9 -4.0 Shoes (pairs) 0.6 0.5 0.5 0.6 0.7 0.7 0.7 0.7 0.8 Cement (bags) 0.7 0.9 0.9 1.7 1.)4 1.8 1.9 2.0 2.1 2.2 Sawnill lumber (board feet) 51.6 55.9 61. 4 50.2 51.6 45.5 54.1 55.9 61.2 67.1 ind p u 13.9 20.0 20.7 24.5 24.3 39.- 32.3 40.2 Refined petroleum (barrels) 2.8 2.8 1.8 1.9 Electric power (kw/h) 184.0 195.c) 212.0 251.0 281.5 316.0 359.5 411.3 484.1 550.6 Kining products 1)48.7 Gold (1.000 troy oz.) .. .. 222.0 204.8 211.9 198.1 199.1 194.7 190.1 148.7 Silver I1.000 troy oz.) .. .. 500.5 >405.3 332.4 380.4 447.0 336.1 309.8 304.2 Copper (million lbs.) .. .. 16.0 16.1 20.2 2:2.5 21.5 20.7 14.2 13.0 ource: Central Blank. Table 8. 2: NICARAGUA: STRUCTURE OF INDUSTRIAL VALUE ADDED, 1960-1969 (In percentages of total value added) 1960 1961 1962 1963 196h 1965 1966 1967 19681/ 19691/ Food 33.9 38.1 38.8 35.7 30.6 31.8 29.h 29.h 3Lt.1 3U.2 Beverages 11.2 10.9 11.3 1L.5 16.6 13.6 14.2 14.2 13.7 13.5 Tobacco 9.1 8.5 7.6 7.3 6.4 6.0 6.2 6.2 5.6 5.3 Textiles 6.0 5.5 6.7 6.6 5.2 6.7 6.5 6.5 L.9 4.9 Footwear and clothing 22.8 19.5 18.9 17.1 11.9 11.8 10.5 10.5 4.2 L.2 Wood and cork products 4.3 4.4 3.8 2.9 2.0 1.6 2.1 2.1 2.0 2.2 Furniture and fixtures 0.7 0.8 0.8 0.8 1.8 2.0 2.1 2.1 1.7 1.8 Paper and paper products - - - 0.1 0.4 0.8 0.7 0.7 1.4 1.5 Printing and editing 1.3 1.2 1.0 0.8 1.4 1.2 1.3 1.3 1.4 1.4 Leather and leather products 2.0 1.9 1.8 -L.7 1.4 l.4 1.2 1.2 1.0 1.2 Rubber products 0. 0.4 0.4 0.4 0.6 0.6 0.6 0.6 0.6 0.7 Chemical products and extracts 3.5 3.h 3.5 .3.9 9.5 8.6 9.2 9.2 9.8 l0.4 Pe troleum and by-products - - - 4.0 1.4 1.5 1.5 1.5 4.4 3.9 Non-metal mineral products 3.2 3.4 3.5 3.8 .3.7 4.1 l.8 4.8 h.5 h.8 Metal products 0.6 0.7 0.8 2.2 3.0 3.7 3.8 3.8 h.3 4.1 Machinery and electrical appliances 0.4 0.4 0.3 0.3 0.2 0.2 0.3 0.3 1.3 1.4 Transport materials 0.2 0.2 0.2 0.2 1.4 1.3 1.5 1.5 1.h 1.2 Other manufactures 0.4 0.5 0.7 0.8 2.h 3.0 ..0 -.0 3.4 3.3 Total 130.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total value added in thousands 1958 cordobas 303,102 324,592 370,209 419,1L89 480,3h1 468,l00 520,100 560,200 829,500 927,000 1/ Percentages and total value added for 1968 and 1969 based on current cordobas. Source: Planning Office, Central Bank. Table 8.3 : NICARAGUA: IMPRTS OF RAW MATERIALS AS PERCENT OF TOTAL RAW MA.TERIALS CONSUMED IN MANUFACTURING, 1963-1968 ISIC Branch 1963 1964 1965 1966 1967 1968 Total manufacturing Consumer goods 20 Food industries 14.3 13.4 12.6 11.6 13.2 13.3 21 Beverage industries 34.5 46.0 38.2 38.2 40.8 41.2 22 Tobacco industries 58.0 52.0 55.3 37.0 38.8 39.2 23 anufactureof textiles 47.7 49.1 57.9 57.9 60.7 61.2 24 Manufacture of footwear, other wearing apparel and made-up textile goods 48.0 '48.8 46.9 47.2 52.7 53.2 25 anufacture of wood and cork 20.8 20.8 27.3 14.-7 15.9 16.2 26 anufacture of furniture and fixtures 39.7 37.4 38.8 31.-4 34.2 34.8 28 Printing, publishing and allied industries 100.0 100.0 100.0 100.0 100.0 100.0 29 Manufactuxe of leather, and leather and Jur products 19.1 19.2 19.8 18.8 20.9 21.3 39 iscellaneous manufacturing industries 100.0 100.0 100.0 100.0 100.0 100.0 Intermediate goods 27 Manufacture of paper and paper products 100.0 100.0 100.0 100.0 100.0 100.0 30 Manufacture of rubber products 100.0 100.0 100.0 100.0 100.0 100.0 31 Manufacture of chemicals and chemical products 95.9 85.5 87.6 87.7 88.8 89.0 33 Manufacture of non-metallic runeral products - - - - 37.6 37.8 Mechanical industries 34 & 35 Manufacture of metal products, except machinery and transport equipment 99.6 99.6 99.6 99.6 99.6 99.6 36 Manufacture of machixnery, except electrical machinery - - - - - - 37 anu.facture of electrical machinery, apparatus, appliances and supplies 88.4 88.4 94.3 94.3 - - 38 Repair of transport equipmnent 96.3 96.3 96.2 94.0 - - Source: Central Bank. I/ Table 8.h: NICARAGUA: IMPORTS AS A PERCENT OF TOTAL MANUFACTURING SUPPLIE5- 196L-1968 ISIC Branch 196L 196q 1966 1967 1968 Totalmauctrg Consumer goods - - - - 20 Food industries 9.9 9.5 10.8 9.7 8.0 'i 1,. 1. 9 ).n ao 1) 21 Beverage industries L. - '.0 3. 2.0 .0 22 Tobacco industries 1.0 1.4 0.9 0.8 0.7 23 Manufacture of e 56.7 58.4 58.6 59.7 57. 24 Manufacture of footwear, other wearing apparel and made-up textile goods 17.8 34.6 41.3 51.3 40. 25 Manufacture of wood and cork 6.1 6.4 5.1 7.6 6.5 'Nr - - - -4--- -... -P4- - 4-.,.,.0 Ef l . '7 r 26 Mja1ULCLUac Ure o tAriULL.LU e LU .fix.tu.Lr e .3 0.2 42.8 31.7 32 .) 28 Printing, publishing and allied industries 22.3 33.6 30.4 32.3 3h.2 29 Manufacture of leather and leather and fur products 21.2 18.2 22.7 23.7 17.8 39 Miscellaneous manufacturing industries 72.1 68.9 66.9 66.5 60.6 intermediate goods 27 Manufacture of paper and paper products 65.0 63.2 64.4 71.3 62.0 30 Manufacture of rubber products 79.0 80.1 76.3 80.4 78.3 31 Manufacture of chenicalsand chemical products 56.6 59.o 58.7 63.0 65.6 32 Manufacture of products of petroleum and coal - - - - - 33 Manufacture of non-metallic mineral products 44.2 39.5 43.0 42.3 30.5 /I n ,n / n - Z 34 & 35 Basic metal industries 64.8 68.6 68.3 65.1 5.9 Mechanical industries 35 Manufacture of metal products, except machinery and transport equipment (included in 34) 36 Manufacture of machinery, except electrical machinery - - - - - 37 Manufacture of electrical machinery, apparatus, appliances and supplies 96.7 96.9 96.3 92.5 91.6 38 Repair of transport equipment 86.0 88.9 89.2 88.6 86.8 1/ Defined as gross value of manufacturing output plus imports. Source: Central Bank. Table 8.5: NICARAGUA: DISTRIBUTION OF EMIYMENT AND AVERAGE SALARIES PER WEEK IN INDUSTRY, 1966-1969 Emplopnent 1968 1966 1967 1968 1969 "Item Absolute 2 CT US$ G$ US: c $ US C$ U-S Food 2,,52 14.3 157 22 167 214 191 27 196 28 Beverages 1,600 9.4 169 24 187 27 208 30 213 30 Tobacco 264 1.5 232 33 264 38 302 43 315 45 Texile 2,39 11) v.0 lr 121 7 -1 Q3 19 16 23 15 22 L,tJk7,-e £ -LI 0 -Lc. ( L L i Footwear and clothing 3,016 17.6 111 16 113 17 133 19 127 18 Wood and cork pn)ducts 454 2.7 137 20 146 21 185 26 162 23 Furn.iture and accessories 718 4.2 117 17 123 18 148 21 140 20 Paper and paper pducts 251 1.5 129 18 i)5 21 180 26 153 22 Printing and editing 729 4.3 146 21 161 23 181 26 178 25 leather and leather products 44 0.3 96 14 101 14 15o 21 102 15 Rubber products 265 1.6 179 26 182 26 223 32 213 30 Chemical products and extracts ),636 9.6 180 26 202 29 216 31 218 3.1 Petx)leun and by-products 4l8 (),9 495 71 533 76 586 84 564 81 Non-metal mineral products 851 5.o 122 17 151 22 117 17 166 24 Basic metal products ( >77) 2) 198 28 192 27 176 25 157 23 Metal products ) 149' 21 147 21 174 25 166 24 Non-electric machinery 7 5 ; 161 23 172 25 203 29 192 27 achinery and electrical items 1 21 167 24 185 26 177 25 Transport materials 530 3.1 156 22 163 23 170 24 166 24 Othe:r manufactures 428 2.5 117 19 125 18 129 18 129 18 TOTAL 17,09, 100.0 Source: National Institute of Social Security of Nicaragua Table 8.6: NICARAGUA: INDUSTRIAL CREDIT, 1965-1969 (In millions of current cordobas) 1965 1966 1967 1968 1969 Banking system 186.2 1e)'21. 7132. National Bank 1075 17.7 178. 2040 Private banks 81.7 94.6 92.3 89.4 98.1 National Development Institute a e2S 669 102.1 126.0 Subtotal 227.4 306.8 337.9 376.5 428.4 Financieras .. . Total .. .. .. . . Source: Central Bank and IMF. IXv SOCIAL SECTORS 9.1 Educational Levels of Population of 10 Years of Age and Over, 1950 and 1963 9.2 Population and Enrollment in Primary School Level, 1963/64 - 1967/68 9.3 Initial Enrollment and Coefficients of Retention in Primary School, 1961-1963 9.4 Population and Enrollment in Medium-Level Education, 1963/64 - 1967/68 9.5 Distribution of Enrollment in Medium Education According to Type of Training, 1961 - 1968 9.6 initial Enrollment and Coefficients of Retention in All Medium-Level Education, 1960/61 - 1967/68 9.7 Initial Enrollment by Specialty, National Technical Vocational Institute, 1961 - 1967 9.8 Composition of Enrollment in Higher Education, 1966 - 1967 Table9.1: NICARAGUA: EDUCATIONAL LEVELS OF POPULATION OF 10 YEARS OF AGE AND OVER, 1950 AND 1963 195o 1963 Total Total Urban Rural Population aged 10 and over 733,584 991,943 419,335 572,608 Composition 100.0 100.0 100.0 100.0 No educational qualification 6q.2 h9.h 20.8 70.3 Primary education 32.1 65.6 68.2 b-.2 First grade 1.9 8.6 7.8 9.2 Second grade 8.5 11.5 14.0 9.6 Third grade 7.1 9.4 1 .o 5.4 Fourth grade 4.7 6.6 11.9 2.6 Fifth grade 2.7 3. 6.7 1.0 Sixth grade 4.3 6.0 12.8 1.1 secondarv einnation 2.3 .4 9.7 0.6 Higher education 0.4 0.6 1.4 0.1 Source: Planning Office and Population Census of 1963. Zqbl _.: NICARAGUA: POPULATION AND ENROLLMENT IN PRIMARY SCHOOL LEVEL, 1963/64 - 1967/68 (1) (2) (3) Total Population of Total enrollment Ehrolled Population of (2) as (3) as Primary School Age in Primary School Primary School Age percentage percentage (7-13 years) (all ages) (7-13 years) of (1) of (1) 1963-64 319,299 211,122 178,452 66.1 55.8 1964-65 330,623 216,082 181,224 65.4 54.8 1965-66 3443,700 215,321 189,489 62.5 55.0 1966-67 355,800 234,685 204,170 66.0 57.4 1967-68 373,400 250,141 217,700 67.0 58.3 Source: Planning Office and Ministry of Education. Table 9: NICARAGUA: INITIAL ENROLLMENT AND COEFFICIENTS OF RETENTION IN PRIMARY SCHOOL, 1961-1968 Years Total Pre-s chool Gae First Second Third Fourth Fifth Sixth 1960-61 164,556 19,819 82,1h3 25,997 15,077 9,372 6,867 5,301 1961-62 181.187 12,730 95,301 29,964 17,oh 11,63 8,hi 6,0oXh 19,62-63 197,565 15,060 100,173 32,74.3 19,972 13,119 9,213 6,985 1963-64 211,132 10,635 100,998 42,239 22,876 15,h78 10,903 8,003 1964-65 216,082 8,634 99,209 39,571 29,313 17,361 -12,76o 9,h1i 1965-66 224,923 9,228 97,675 2,h33 29,567 21,217 14,157 Lo,646 1966-67 23h,685 10,172 100,098 4-4,723 31,181 21,o66 16,121 1,32h 1967-68 250,141 9,513 106,412 46,822 33,710 23,142 17,176 13,366 - coefficients of retention - 1960-61 100 .0 1961-62 100.0 36.5 ; 1962-63 100.0 34.h - 24.3 1963-64 1964-65 29.3 ,_,18.2--. -15.5, 1965-66 '21.2 -14.9, -13.0 1966-67 16.1- --11.9 1967-68 13.3 Source: Planning Office and Central Bank, with data from the Ministry of Fucation. Lale9: NICARAGUA: POPULATION AND ENROUIENT IN MEDIUM-LEVEL EDUCATION, 1963/64 - 1967/68 Enrollment Population in Total as percentage of mediun-level enrollment in population in education age medium -level medium -level (14-18 years) education education age 1963-64 156,219 18,0694 11.6 1964-65 166,028 23,362 1)4.1 1965-66 177,101 27,021 15.3 1966-67 188,112 29,642 15.8 1967-68 199,635 33,467 16.8 Source: Planning Office, with data from the Ministry of Education. Table 9.5: NICARAGUA: DISTRIBUTION OF ENROLLMNT IN MEDIUM EDUCATION ACCORDING TO TYPE OF TRAINING, 1961-1968 General Teacher Years Total secondary_ trainig Comercial Agricultural Vocational Other 1960-61 11, 465 6,851 1,821 2,219 1ho - 434 1961-62 12,993 7,778 2,110 2,426 116 393 170 1962-63 15,001 9,493 2,U84 2,229 118 449 228 1963-64 18,094 11,958 3,324 1,906 120 582 204 1964-65 23,1353 15,759 3,447 1,668 134 764 2,081 1965-66 27,021 18,754 3,776 1,928 128 773 1,662 1966-67 29,642 20,661 h,77 2,122 303 950 832 1967-68 33,640 26,885 3,292 1,597 38h 815 667 (in percentages) 1960-61 100.0 59.8 15.9 19.3 1.2 - 3.8 1961-62 .100.0 59.9 16.2 18.7 0.9 3.0 1.3 1962-63 100.0 63.3 16.5 14.9 0.8 3.0 1.5 1963-64 100.0 66.1 18.4 10.5 0.7 3.2 1.1 1964.-65 100.0 66.1 14.4 7.0 0.6 3.2 8.7 1965-66 100.0 69.4 14.0 7.1 0.5 2.9 6.1 1966-67 100.0 69.7 16.1 7.2 1.0 3.2 2.8 1967-68 100.0 79 .9 9.8 4.7 1.1 2.4 2.0 Source: Planning Office and Central Bank with data from, the Ministry of Education. Table 9.6: NICARAGUA: INITIAL ENROLLMENT AND COEFFICIENTS OF RETENTION IN ALL MEDIUM-LEVEL EDUCATION, 1960/61 - 1967/68 Year Total Grades First Second Third Fourth Fifth Sixth 1960-61 l1,465 4,433 2,801 2,083 1,287 821 4o 1961-62 12,993 4,974 3,153 2,345 1,514 97k 33 1962-63 15,001 5,729 3,600 2,658 1,721 1,196 37 1963-64 18,094 6,792 4,306 3,368 2,139 1,428 61 1964-65 23,853 9,002 5,636 3,957 3,051 2,10 103 1965-66 27,021 10,050 6,319 4,548 3,156 2,589 359 1966-67, , 29,642 10,230 7,112 5,387 4,09 2,591 273 1967-68' 34,105 11,700 7,804 6,116 4,686 3,552 247 Coefficients of retention 1960-61 100.0 1961-62 100.0.' 71.1, 1962-63 100 .0 ---73.6 `-60 0 1963-6k 100.0. ~75.2 467.7 " k8.3 1964-65 -83.0 '-69.1i .J 61.3 47.4 1965-66 67 .0 $5.1 52 5.1 1966-67 " -59.6 Z7 -5.2 1967-68 42.3 1/ Estimated. Source: Planning Office. Tae9: NICARAGUA: INITIAL ENROLLMENT BY SPECIALTY, NATIONAL TECHNICAL VOCATIONAL INSTITUTE, 1961-1967 Couirse 1930--61 1931-62-71926 1936_16_1996-6 1 76 1. Orentation course - 251 276 256 236 343 358 2. Auto mechanics 37 16 25 h3 50 h8 49 3. Metal lathe operator 30 13 18 30 26 22 22 4. Cabinet making 13 1 - - - -- 5. Electricity 26 18 19 39 54 56 55 6. Welding 26 7 6 13 7 7 8 7. Plmabing 25 10 6 12 12 13 21 8. Sheet metal . 24 6 5 1 1 2 14 9. Refrigeration and air conditioning 37 21 27 45 61 67 59 10. Diesel inechanics 38 21 26 L3 61 65 68 11. Radio and television 40 26 28 38 48 36 38 :12. Architectural. draf±ts- manship - 5 5 13 10 7 12 13. Construction - 8 8 8 14. Construction and drafting - - 20 38 59 63 15. Surreying - t opography - - - - 15 13 16. Cosmetology - - - - 18 33 17. Dress design and sewing - - - - - 11 12 Total 296 393 449 561 612 769 815 Source: Instituto Nacional Tecnico Vocacional. Taq;t, 9.8 NCARAGUA: COMPOSITION OF ENROLLMENT IN HIGHER EDUCATTON, 1966-1967 Fnrolled Pperrnt. age All a t,6 i .n- Medicine 312 7.7 Chemistry 61.h Tenstr o+~ 1., Ecoomic4 i,n6n 26.1 Llaw 55-'3 1.6- journalism, and i N..JI 2L 07 n A~ social ser£Vices.) 371 .8 imur sin1g 12C9 3. Agriculture 1l 14.7 --~^n 1 -i T ~ 7 11 Science and LetterS 27V 7.- Source: Bureau of Statistics and Census, based on data from the Ministry of Education. -- - -- --T - T - - -T - - - --T - 88 NICARAGUA 88 8s 84 e3 TRANSPORT FACILITIES N -- Moln roods Rouds under construction ilwaskarmo Railways e mus Waspam Rivers Porrs Airports International boundaries 0 lp 2p 30 40 50 60 ( Min ' M. .. 20 ; 60 La Cons nc * si Puerto Cabezos 14 So n Tepane co Limboica PutPuerto sbe Mie 'n A,Macontac Somotio Estel A T L A N T I C RioGrande 0 C E A N uh gd8 IV ita egébaco \ (CA RIBBEAN SEA) PACIFIC M o800~ ) Sol-d rit I OCEA N PuC o Manago/ <SaIrn Domingo Ciuda Rnm Osey l.oo CA Ptm u golpcEl Bluff 1 r anado r BNuefeeld 18° 87° Musuchapo . otp MEXICO HONDURAS CARIBBIEAN Rias N CAR GUACol - SEA A GUATEMAL H O ,5San Juan lel Suan Coros El L NIRAGUA SMn Juan del Nore PACIF C OCEAN PNAMA z sT nEs- COSTA R CA an8 To Sn 8° 84° 83° D-- - - - - - - - - - . O F
Groupe de la Banque mondiale · Pre-2003 Economic or Sector Report
Nicaragua - Current economic position and prospects
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Pre-2003 Economic or Sector Report
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