11:00 A.M. EST
SECRETARY POWELL: Good morning. It has been my pleasure to receive President-Elect Bola�os of Nicaragua. We had a very friendly chat. I congratulated him on his significant win, by a majority of 14 percent over his rival. We had a good talk about his plans to deal with the economic problems in Nicaragua, but more importantly to go to the heart of why he was elected, and that is to bring more democracy, freedom, the rule of law, the end of corruption to Nicaragua, and to give hope to the people of Nicaragua.
I assured the President-Elect that the United States will stand by him and that we would support his efforts and we will do everything we could possible to work with international financial institutions and others and to start to create conditions that will draw private investment into Nicaragua, as well as the international financial institutions to help Nicaragua come through this difficult period and to assist him in his efforts.
So, Mr. President-Elect, once again, congratulations and I invite you to say a few words.
PRESIDENT-ELECT BOLA�OS: We have come to the US as friends, as President-Elect of Nicaragua. And we have a challenge. We want to create in Nicaragua a new era, a new way of doing things. We have to fight the problem we have of poverty. We need investment, we have to create a climate for the investment to come to Nicaragua. Also, we have to fight corruption. To improve the life of Nicaragua, we have to increase production in agriculture, which is our main economic resource.
We have come to the US by invitation of this great country, as old friends. And I know that we are going to work together. Also, we are committed against terrorism, the laundering of money and the drug trafficking in Nicaragua.
I thank President Bush for inviting me to come, and also the Secretary of State for a very informal and friendly visit to this country. Thank you.
SECRETARY POWELL: Thank you very much.
QUESTION: Mr. Secretary, did you sign the papers for the $25 million reward?
SECRETARY POWELL: Beg your pardon?
QUESTION: Have you signed the papers yet for the $25 million reward?
SECRETARY POWELL: No. They may be coming up today, but I haven't signed them yet. But it's up to $25 million. But I have authorized it; it's just a matter of finishing off the documentation.
QUESTION: Mr. Secretary, can you answer on Nicaragua? What about Otto Reich? Are you still pushing for him?
SECRETARY POWELL: Otto Reich is our candidate. We've had difficulty with the Senate Foreign Relations Committee. As I said to the Committee a few weeks ago when I testified before them, that I think Otto Reich should be confirmed as the next Assistant Secretary for Western Hemispheric Affairs. He knows the region; the region knows him.
He has done nothing -- nothing at all -- in his career in government that should be seen as disqualifying for this job. He has been looked at, he has been investigated, we've been over all of those investigations, and Otto Reich is an honorable man. He will do a terrific job as Assistant Secretary of State for Western Hemispheric Affairs.
Thank you.
11:04 A.M. EST