Nicaragua, the largest country in Central America, is bordered by Honduras to the north, Costa Rica to the south, the Pacific Ocean to the west, and the Caribbean Sea to the east. It became an independent republic in 1838, and Managua is the capital city. The official language of Nicaragua is Spanish, and its currency is the Nicaraguan córdoba oro (NIO).
Currently, 75% of the population is younger than 39, and elementary, high school, and university education are mandatory, the first two being free. There is one Nicaraguan branch of a United States university that has been accredited by the Southern Association of Colleges and Schools (SACS). The Nicaraguan government is increasing funding to improve educational opportunities in the country, and has promoted increased enrolment in universities.
All schools, including elementary, high school, and university, are under the general supervision and regulation of the National Ministry of Education.
In early 2004, Nicaragua secured 4.5 billion United States dollars (USD) in foreign debt reduction under the Heavily Indebted Poor Countries (HIPC) initiative, and, in October 2007, the International Monetary Fund (IMF) approved a new poverty reduction and growth facility (PRGF) program.
Nicaraguan gross domestic product (GDP) increased 4.7% in 2016, similar to the 4.9% increase in 2015. The US-Central America Free Trade Agreement (CAFTA) has been in effect since April 2006 and has expanded export opportunities for many agricultural and manufactured goods. Textiles and apparel account for nearly 60% of Nicaragua's exports.
PwC Inter-America is a regional entity comprised of seven firms: PwC Guatemala, PwC El Salvador, PwC Honduras, PwC Nicaragua, PwC Costa Rica, PwC Panama, and PwC Dominican Republic. Together, we have over 1,000 professionals ready to provide our clients with audit, tax, legal, and consulting services. Inter-America firms are backed by over 40 years experience rendering a high standard of professional services to the private sector, public sector, and non-profits. PwC Nicaragua supports clients with the local knowledge and skills of its people and with access to a broad range of other professionals across the PwC global network of firms.