Venezuela's aid to Nicaragua, the former's main political and economic ally in Central America, started to decline following the death of former President Hugo Chávez; hence, the Nicaraguan government is seeking alternatives.
During the first half, Nicaragua received USD 314.3 million from Venezuela, including loans and foreign direct investment (FDI). This is 4.3% less than January-June 2012, when Nicaragua got USD 328.4 million from Venezuela, according to official numbers, Efe reported.
Venezuela's FDI in Nicaragua amounted to USD 28.2 million from January to June; 40% less that the amount recorded in the same period last year (USD 47 million).
As for imports, Venezuela imported USD 288 million in Nicaraguan products in the first nine months of the year. This represents a 6% decline in imports compared to the same period in 2012, when they totaled USD 306.7 million.
At least 150,000 Nicaraguan public employees received a USD 30 bonus from the Venezuelan cooperation fund, but now the Nicaraguan Executive Office will assume such costs, which amount to USD 65 million annually, through its budget.
In a report issued in April last year, non-governmental Nicaraguan Foundation for Economic and Social Development (Funides) projected that the country's economy would grow by 4.5% in 2013.
However, that body also made calculations based on a less optimistic "alternative scenario," taking into account the crisis in the United States, the main destination of Nicaraguan exports, and uncertainties regarding Venezuelan aid.
Such "alternative scenario" estimates that if the US grows 0.5% less than last year, then Nicaraguan exports to the US would drop between 10% and 20%; and if Venezuela stops allocating USD 300 million to Nicaragua, then the growth rate would drop by 2.5% in 2013-2015.
Nicaragua's expenses exceed its current income by 30%; Venezuela's support covers a remarkable share of that deficit, Funides explained.
Venezuelan cooperation funds with Nicaragua total USD 3.31 billion since Nicaraguan President Daniel Ortega took office.
**Translated by Andreína Trujillo
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