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Capital Market Modernization
The overall goal of the Program is to support the development of the emerging capital markets of Nicaragua by establishing the legal and regulatory framework, and mechanisms for the clearance and settlement system and public debt issues, according to internationally accepted standards for safety and soundness.

Project Detail



Project Number


Approval Date

September 23, 1998

Project Status


Project Type

Technical Cooperation





Lending Instrument

Instrumento del Fondo Multilateral de Inversiones

Lending Instrument Code




Facility Type


Environmental Classification


Total Cost

USD 1,797,500.00

Country Counterpart Financing

USD 800,000.00

Original Amount Approved

USD 997,500.00

Financial Information
Operation Number Lending Type Reporting Currency Reporting Date Signed Date Fund Financial Instrument
ATN/MT-6157-NI Non-Sovereign Guaranteed USD - United States Dollar Technical Cooperation Facility Nonreimbursable
Operation Number ATN/MT-6157-NI
  • Lending Type: Non-Sovereign Guaranteed
  • Reporting Currency: USD - United States Dollar
  • Reporting Date:
  • Signed Date:
  • Fund: Technical Cooperation Facility
  • Financial Instrument: Nonreimbursable
Published 2023
¿Por qué necesitamos mejores regulaciones para lograr mejores resultados de política pública?
¿Has percibido cómo las regulaciones inciden sobre casi todos los aspectos del funcionamiento de las sociedades modernas? Diariamente, vemos discusiones sobre regulaciones de las redes sociales, del sistema financiero, del uso de la inteligencia artificial y otros temas que afectan directamente nuestras vidas. Son las regulaciones las que establecen las reglas del juego para la
Published 2022
Standardized Public Debt Database
This database compiles up-to-date standardized statistics on sovereign debt issuances for the LAC region and contains bi-annual data starting in 2006 through to 2021. Sovereign Debt Data is classified by legislation, creditor, currency and maturity amongst others for 26 countries. The availability of valid, comparable, and standardized public debt data is essential for the implementation of sound policies in Latin America and the Caribbean (LAC). This is why at the core of the LAC Debt Group initiative is the development of a standardized sovereign debt database to help debt managers, policy makers, and other actors of financial markets analyze the evolution and composition of public debt in LAC and conduct cross-country comparisons. The information of this database is provided by the public debt offices of LAC countries in response to a questionnaire specifically designed to allow comparability of data. The questionnaire, whose response is non-compulsory, is intended to compile up-to-date standardized statistics for objective and homogeneous definitions of public debt.<br><br><b>Click here to access the data:</b></br></br>
Published 2022
How to Repay the After-COVID-19 Public Debt?: The Case of Colombia
The COVID-19 pandemic produced a shock to public finances throughout the world. In the case of Colombia, the public debt to GDP ratio increased from 39.8% to 65.0%. We use a two-country neoclassical general equilibrium model to determine which one-shot tax reforms make the new debt level sustainable. Our analysis shows that Colombia was on the wrong side of the Laffer curve for capital and labor income taxes before the crisis and hence would need to reduce those taxes to repay its current debt. Specifically, reducing the capital tax by four percentage points and the labor tax by three percentage points restores sustainability. In contrast, the analysis suggests that the economy is on the upward-sloping side of the Laffer curve for the consumption tax. An increase of 10 percentage points in the consumption tax generates a future path of primary surpluses big enough to repay the post-COVID level of debt. The results suggest that behavioral changes and general equilibrium effects are sizeable. Therefore, ignoring them will bias fiscal consolidation analysis.
Published 2022
Breve 24. The pharmaceutical price regulation in El Salvador
His policy brief is based on a webinar presented by Luis Alejandro Rivera, Chief of the Pricing Unit at the Dirección Nacional de Medicamentos (National Directorate of Medicines DNM) in El Salvador. The presentation was given on July 2019. Rising prices of medications are a global concern as healthcare expenditures soar and more patients are unable to access the medicines they need. El Salvador has managed to control and lower the price of prescription medicines for both innovator and generic medicines, while maintaining a well-functioning and cost-saving pharmaceutical market. This publication presents takeaways, such as price setting methods, the identification of appropriate market segments, and the introduction of online monitoring platforms, so that other policymakers may use them when introducing price regulation in their own pharmaceutical markets.
Published 2023
¿Cuál es el estado de la calidad regulatoria en América Latina y el Caribe?
Imaginemos un día de nuestra vida cotidiana. Nos despertamos temprano para alistarnos y teletrabajar, para ello necesitamos de una conexión de internet accesible y fiable. Detrás de ese servicio existe un marco regulatorio que establece las reglas para ofrecer servicios de internet, que delimita la forma en que se interconectan las empresas de telecomunicaciones, y
Published 2021
Rethinking the Global Microscope for Financial Inclusion: 2021 Key Findings Report
The Global Microscope is a benchmarking index that has assessed the enabling environment for financial inclusion across 55 countries since 2007. This year, the Economist Impact team conducted an assessment of the index's existing data (2007-20) to understand the relationship between key financial inclusion enablers (i.e. policies, regulation and infrastructure) and financial inclusion outcomes. This report discusses the policies that have driven change, the priorities to keep in mind for the future, the tools that will help achieve these goals and the unique ways these priorities and tools apply across different parts of the financial system. Below we summarize our key findings: - A higher overall Global Microscope score showed a positive relationship with the number of accounts with formal financial institutions and mobile money providers among the population. - The Infrastructure domain had the strongest relation to account ownership, documenting the positive effects on inclusion from policies facilitating the expansion of payment systems, strong digital identification regimes, widespread connectivity, and robust credit information systems. The other four domains are Government and Policy Support, Stability and Integrity, Products and Outlets, and Consumer Protection. - Consumer Protection was also positively linked to the prevalence of bank accounts, underscoring the importance of measures to ensure that financial consumers are treated fairly across the range of distribution channels and products. - The magnitude and quality of regulatory implementation significantly impacts financial inclusion. Larger regulatory improvements were associated with increasingly larger gains in account ownership. * The opinions expressed in this work are those of the authors and do not necessarily reflect the views of the IDB, its Board of Directors or the countries they represent, nor of the MIF Donors Committee or the countries it represents.
Published 2023
¿Afecta el nivel de deuda pública el crecimiento económico?
En resumen, los resultados de este trabajo indican que el tamaño de la deuda pública afecta el crecimiento de las economías, siendo perjudicial para niveles relativamente altos. Qué se considere relativamente alto depende entre otras cosas de la estructura económica de los países. Es importante que los países conozcan la existencia de estos umbrales y los estimen para sus propios países, a fin de informar sus estrategias fiscales y promover la sostenibilidad fiscal y el crecimiento económico.
Published 2021
Gestión sostenible de plásticos: análisis regulatorio y técnico en el marco de la iniciativa de economía circular en la Alianza del Pacífico y Ecuador
En la Declaración sobre Gestión Sostenible del Plástico (2019), los países miembros de la Alianza del Pacífico (AP), Colombia, Chile, México, y Perú, junto a Ecuador, tomaron la decisión de enfrentar la gestión de plásticos de manera sostenible, con un enfoque de economía circular. Insertado en este contexto, el presente estudio analiza y compara el escenario regulatorio y los incentivos fiscales y financieros implementados en la AP y Ecuador, en relación con la gestión del plástico. Asimismo, este estudio identifica las mejores prácticas y las brechas existentes en esta materia, establece un índice que permite comparar el carácter sostenible de la gestión de los plásticos en esos países, y entrega recomendaciones para que los incumbentes tomen informadas decisiones de políticas públicas para el uso y gestión sostenible de los plásticos.
Published 2021
Skills for Life: Stress and Brain Development in Early Childhood
Learning to cope with disappointments and overcoming obstacles is part of growing up. By conquering some challenges, children develop resilience. Such normal stressors may include initiating a new activity or separation from parents during preschool hours. However, when the challenges in early childhood are intensified by important stressors happening outside their own lives, they may start to worry about the safety of themselves and their families. This may cause chronic stress, which interferes with their emotional, cognitive, and social development. In developing country contexts, it is especially hard to capture promptly the effects of stressors related to the COVID-19 pandemic on childrens cognitive and socioemotional development. In this note, we draw on the literature on the effect of stress on brain development and examine data from a recent survey of households with young children carried out in four Latin American countries to offer suggestions for policy responses. We suggest that early childhood and education systems play a decisive role in assessing and addressing childrens mental health needs. In the absence of forceful policy responses on multiple fronts, the mental health outcomes may become lasting.
Published 2024
A New Year’s Fiscal Resolution:  Deal with Debt in the Caribbean 
Caribbean economies have recovered from the pandemic-induced recession, but one legacy that lingers is public debt accumulation. This was an inevitable consequence of the sharp economic decline and social needs created by the pandemic, and with the recovery, progress has been made in lowering the burden of public debt. Yet, average debt levels remain elevated, and changing economic circumstances pose challenges and opportunities for managing sovereign debt.
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