International organization participation: BCIE, CACM, ECLAC, FAO,
G-77, IADB, IAEA, IBRD, ICAO, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS,
ILO, IMF, IMO, Intelsat, Interpol, IOC, IOM, ITU, LAES, LAIA
(observer), NAM, OAS, OPANAL, PCA, UN, UNCTAD, UNESCO, UNHCR, UNIDO,
UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in US: chief of mission: Ambassador Roberto Genaro MAYORGA Cortes chancery: 1627 New Hampshire Avenue NW, Washington, DC 20009 telephone: [1] (202) 939-6570 consulate(s) general: Houston, Los Angeles, Miami, New Orleans, New York, San Francisco
US diplomatic representation: chief of mission: Ambassador John F. MAISTO embassy: Kilometer 4.5 Carretera Sur., Managua mailing address: APO AA 34021 telephone: [505] (2) 666010 through 666013, 666015 through 18, 666026, 666027, 666032 through 33 FAX: [505] (2) 669074
Flag: three equal horizontal bands of blue (top), white, and blue with the national coat of arms centered in the white band; the coat of arms features a triangle encircled by the words REPUBLICA DE NICARAGUA on the top and AMERICA CENTRAL on the bottom; similar to the flag of El Salvador, which features a round emblem encircled by the words REPUBLICA DE EL SALVADOR EN LA AMERICA CENTRAL centered in the white band; also similar to the flag of Honduras, which has five blue stars arranged in an X pattern centered in the white band
Economy ———-
Economic overview: The Nicaraguan economy, devastated during the 1980s by economic mismanagement and civil war, is beginning to rebound. Since March 1991, when President CHAMORRO launched an ambitious economic stabilization program, Nicaragua has had considerable success in reducing inflation and obtaining substantial economic aid from abroad. Annual inflation fell from more than 750% in 1991 to less than 5% in 1992. After rising again to an estimated 20% in 1993, the annual inflation rate was 11.7% in 1994 and 11.4% in 1995. While economic growth was flat in 1992 and negative in 1993, the 1995 growth rate is about 4%, thanks to surges in most export categories. Recent legislation (November 1995) authorizing the privatization of the TELCOR telecommunications company and resolving the issue of property confiscated by the previous Sandinista government may reassure potential investors. The government's efforts to liberalize trade include a December 1995 decision to stop requiring exporters to bring their foreign exchange earnings into Nicaragua. On the debt front, the Nicaraguan Government launched a successful debt buyback program in 1995, purchasing 73% of its $1.373 billion commercial debt inherited from previous governments. Progress also occurred on reducing bilateral debt in November 1995 as Nicaragua reached an agreement with Germany, reducing Nicaragua's $616 million debt to the former GDR by 80%. Debt reduction agreements with Paris Club creditors and rescheduling with the US also took place. Unemployment remains a pressing problem, however, with roughly half the country's population unemployed or underemployed.
GDP: purchasing power parity - $7.1 billion (1995 est.)
GDP real growth rate: 4.2% (1995 est.)
GDP per capita: $1,700 (1995 est.)
GDP composition by sector: agriculture: NA% industry: NA% services: NA%