and a new currency was introduced. As a result, by August 1988, inflation had dropped to an annual rate of 240%. The following month, however, Hurricane Joan cut a devastating path directly across the center of the country. Damage was extensive, and the government's program of massive spending to repair the infrastructure destroyed its anti-inflation measures. In its eleven years in power, the Sandinista government never overcame most of the economic inequalities that it inherited from the Somoza era. Years of war, policy missteps due to inexperience, natural disasters, and the effects of the United States trade embargo all hindered economic development. The early economic gains of the Sandinistas were wiped out by seven years of sometimes precipitous economic decline, and in 1990, by most standards, Nicaragua and most Nicaraguans were considerably poorer than they were in the 1970s. Chamorro era, 1990–96 The economic policies of Violeta Barrios de Chamorro (president, 1990–1997) were a radical change from those of the previous administration. The president proposed to revitalize the economy by reactivating the private sector and stimulating the export of agricultural products. However, the administration's political base was shaky. The president's political coalition, the National Opposition Union (Unión Nacional Oppositora-UNO), was a group of fourteen parties ranging from the far right to the far left. Furthermore, 43% of the voting electorate had voted for the Sandinistas, reflecting support for the overall goals of the former administration although not necessarily the results. The Chamorro government's initial economic package embraced a standard International Monetary Fund and World Bank set of policy prescriptions. The IMF demands included instituting measures aimed at halting spiraling inflation; lowering the fiscal deficit by downsizing the publicsector work force and the military, and reducing spending for social programs; stabilizing the national currency; attracting foreiunign investment; and encouraging exports. This course was an economic path mostly untraveled by Nicaragua, still heavily dependent on traditional agro-industrial exports, exploitation of natural resources, and continued foreign assistance. Inspired by the IMF, Minister of Finance Francisco Mayoraga quickly put together an economic "Plan of 100 Days". This plan, also called the "Mayoraga Plan", cut the deficit and helped to lower inflation. Loss of jobs and higher prices under the plan, however, also resulted in crippling public and private-sector strikes throughout the country. Mayoraga's tenure in office barely exceeded the 100 days of his economic plan. By the end of 1990, the government was forced