Nicaragua’s Business Sector Warns of Economic Downturn Should US Relations Crumble

Businessmen in Nicaragua have asked President Daniel Ortega to ease growing tension with the United States, which is reviewing sanctions on the country that could have a major negative economic impact.

The business sector spoke out when

“Our country’s relationship with the United States must focus on the future,” said President of the Supreme Council of Private Enterprise José Adán Aguerri. (Youtube)

- payin the bills -

proposed sanctions against the Ortega regime came one step closer to passing in the US Congress Thursday, July 27. If the sanctions pass, the US would be able to veto loans that multilateral organizations intend to grant to the Nicaraguan administration.

Presidents of the Supreme Council of Private Enterprise, the American Chamber of Commerce of Nicaragua, the Nicaraguan Council of Micro, Small and Medium Enterprise and other business organizations said there would be a negative impact on Nicaragua’s economic and social development should relations with the US fracture further, as it is the most significant trade partner the Central American nation has.

“Our country’s relationship with the United States must focus on the future,” said President of the Supreme Council of Private Enterprise José Adán Aguerri. “To work hand in hand for the prosperity, security and democracy of our peoples. It is important not to back down. That’s why we don’t believe that in order to build, you must first tear down the old.”

Nicaragua already lost funds from the United States Millennium Challenge Account in 2009, and European cooperation has begun to disappear. Venezuela’s support has dwindled and without the Nica Act, Nicaragua would have only a few loans in their favor.

- paying the bills -

According to Álvaro Rodríguez, the President of the American Chamber of Commerce of Nicaragua, the Nica Act would reduce the support of multilateral financial institutions, which would increase the cost of credit and damage Nicaragua’s image.

“There would be uncertainty among potential investors, impacting job creation and the fight against poverty that we must all support,” he said.

Leonardo Torres, president of the Nicaraguan Council of the Micro, Small and Medium Enterprise said that “it is necessary to lower the confrontational tone that exists between them,” adding that “if things get worse” President Donald Trump “will make political and economic executive decisions” against Nicaragua before sanctions are passed in the US.

Source: Panampost.com

 

- paying the bills --

Related Articles

Nicaragua still the country with the greatest mobility in Central America in times of pandemic

TODAY NICARAGUA - Eight months after the first case of Covid-19...

Remittances grow despite the coronavirus pandemic

“Everybody sends money to family members for their daily subsistence and...

MOST READ

Rosario Murillo: La Heredera (The Heiress)

Rosarion Murillo, the "eternally loyal" to her husband and political partner, Daniel Ortega. In a profile by Confidencial in October 2016, before her election as...

Better Air Connectivity Between Nicaragua and the US

The private companies' association is in talks with United Airlines to promote the opening of a route that connects Nicaragua with the east coast...

Nicaragua Unveils Central America’s Largest Baseball Stadium

Nicaragua has unveiled its long-awaited baseball stadium in Managua, replacing the former baseball field built in 1948. The new structure will hold up to...

Bianca Jagger Gets Into The Nicaragua Act Again

(American Thinker)  Remember Bianca Jagger? You know, the disco queen and former rock-star's wife turned leftwing "human rights activist" who was last seen mourning...

What Are Some of Nicaragua’s Popular Food?

TODAY NICARAGUA - Nicaragua is an interesting place, with a tumultuous history and a relatively peaceful present. and even if many things can be...

Nicaragua Praised by the IMF

The IMF noted the positive evolution of all the country's economic indicators, and the drastic fall in poverty, with an increase of 33% in...

Poll Shows Declining Expectations on a Nicaraguan Canal

According to the results of the most recent survey conducted by Cid Gallup, the Nicaraguan interoceanic canal project, a concession given to the Chinese...

Let's Keep This Going!

To be updated with all the latest news and information about Nicaragua and Latin America.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.