Nicaragua has widespread underemployment and the second lowest per capita income in the Western Hemisphere. 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, however, recent increases in the minimum wage will likely erode its comparative advantage in this industry. Nicaragua relies on international economic assistance to meet internal- and external-debt financing obligations. In early 2004, Nicaragua secured some $4.5 billion in foreign debt reduction under the Heavily Indebted Poor Countries (HIPC) initiative, and in October 2007, the IMF approved a new poverty reduction and growth facility (PRGF) program that should create some fiscal space for social spending and investment. The continuity of a relationship with the IMF helps support donor confidence, despite private sector concerns surrounding ORTEGA, which has dampened investment. Economic growth will slow in 2009, due to decreased export demand from the US and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth - remittances account for almost 15% of GDP.