Ingresar
IMF Staff Concluding Statement on Nicaragua
By Guy José Bendaña-Guerrero & Asociados
A staff team from the International Monetary Fund (IMF) visited Managua during November 6-17 for the 2023 Article IV Consultation.
According to the staff's concluding statement, Nicaragua’s economy has remained resilient in the face of multiple shocks, supported by appropriate economic policies, substantial buffers, and multilateral support.
Here are some of the key points of the statement:
-After a very strong rebound in 2021, the economy grew at a steady pace since 2022 on the back of private consumption and exports. Real GDP is expected to grow by 4 percent in 2023, inflation to slow down, and the fiscal position of the central government to maintain a small surplus and healthy government deposits. Remittances are projected to reach about 28 percent of GDP at end-2023, double their end-2021 level, driven by the rapid increase of Nicaraguan emigrants.
-Economic growth is expected to continue next year and over the medium term, albeit at a slower rate than average. In 2024 and over the medium term, real GDP is projected to grow by about 3½ percent, supported primarily by private consumption.
-The mission supports the authorities’ plans to continue prudent macroeconomic policies, to maintain resilience and a clear and predictable economic management, while supporting medium-term growth.
-While banks are well-capitalized and liquid, the resilience of the financial sector could be further enhanced. Bank deposits continue to grow, surpassing their pre-crisis aggregate level (measured in Córdobas), while credit to the private sector is also growing solidly. The mission encourages the authorities to align the crisis preparedness framework with best international practices, to obtain complete data for credit and savings cooperatives, and to expand their oversight if needed, prioritizing the largest ones.
-The mission welcomes the authorities’ intentions to continue implementing technical assistance recommendations, especially on improving the quality and consistency of statistics, as statistics are critical to assess risks, better formulate policies, and improve business confidence.
Guy José Bendaña-Guerrero & Asociados
GUY JOSE BENDAÑA GUERRERO & ASOCIADOS has a long and prosperous tradition in the field of intellectual property (IP) in Nicaragua, with roots that go back to more than 100 years, resulting on long-term relationships with renowned clients and attorneys worldwide.
The firm has its origins in the law firm Henry Caldera & Henry Caldera-Pallais, founded in 1907 by Mr. Henry Caldera. That same year of 1907, through the efforts of Mr. Caldera, Nicaragua had its first Trademark Law. In the late 1930’s, Mr. Caldera’s oldest son, Dr. Henry Caldera-Pallais, after studying law in Nicaragua, attended the University of Michigan, where he graduated as a Registered U.S. Patent Attorney. Dr. Caldera-Pallais in 1964 was a founding member of the Interamerican Association of Intellectual Property (ASIPI), the first regional intellectual property organization in the Americas. The firm continued to grow during the administration of Dr. Franklin Caldera, son of Dr. Caldera-Pallais, who obtained his doctoral degree in law from the Universidad Centroamericana in 1973.
Since 1985 the current partners, Dr. Guy José Bendaña Guerrero and Mrs. Blanca Aragón de Bendaña, took over the management of the firm. Dr. Bendaña Guerrero, Director of the firm, has distinguished himself as one of the most respected authorities in Central America in the field of intellectual property and law in general, being the author of several books such as “Course of Industrial Property Law”, “Study of the new Laws of Industrial Property” and “New Study of Contracts “, among others. Mrs. Aragón de Bendaña has served as the firm’s general manager and, thanks to her excellent management, the firm has been in constant growth, with a highly qualified staff committed to excellence. Since 1996, partner Julián José Bendaña Aragón joined the firm, and has been standing out as one of the most recognized attorneys in the field of intellectual property.
We have adapted to the constant change of the business world, supporting our clients in finding the most appropriate legal solutions for each moment. The firm distinguishes itself by understanding the needs of its clients, offering personalized service and adding value to its activities.
Nowadays we continue to be the leading firm in Nicaragua in the area of intellectual property, and at the same time, we have been consolidating other areas of service within the civil, commercial and labor fields, as well as litigation and consulting in general. The firm is well positioned to guarantee a pragmatic service that meets the requirements of the most demanding clients.
