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Nicanotes: Danger of NICA Act Passing Increases with Introduction in the Senate - Alliance for Global Justice
Likely everyone who reads this blog knows what the NICA Act is, but just in case we pick up some new readers, let me briefly describe it. The NICA Act stands for Nicaragua Investment Conditionality Act. If it became law it would require the US to vote against all multilateral loans to Nicaragua. Since the US has a virtual veto in the World Bank, International Monetary Fund, Inter-American Development Bank (see Brief #1 below concerning IDB) and others, the NICA Act would effectively cut Nicaragua off from international finance, just as Venezuela has been. In Nicaragua’s case, the effect on the economy would be even more devastating and the effect on the US would be to add Nicaragua refugees to the stream coming from its northern neighbors.
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