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President-elect Alvarado Faces Biggest Deficit In Three Decades

The challenge facing the next government led by President-elect Carlos Alvarado, is a Costa Rica economy facing its biggest fiscal deficit in 30 years, when more than one-third of the central government's debt is due and without many instruments to finance it, with permission...

Costa Rica With The Largest Deficit in Central America

This year marks a decade of the last fiscal surplus that Costa Rica had. Ever since there has been a deficit, and it has grown, worsening year by year without there being any solution, neither for increasing income nor for a reduction of expenses. In...

One Step Closer to a Tax Reform

The Costa Rican Legislature has accepted a fast track bill that would transform the 13% sales tax into a Value Added Tax (VAT) and in addition a 4% rate on the purchase of packaging, wrapping and raw materials, among other things. The Impuesto al Valor...

Public Sector Salaries Increased 157% in 12 Years

The Government next year will pay in wages and benefits for public employees 157% more than it did 12 years ago. The payroll of public servants in 2018 will be almost triple, a payout of ¢4.3 billion colones, as compared to the ¢1.7 billion in...

Costa Rica Strong Increase in the Financial Deficit

The financial deficit up to October 2017 reached 4.6% of GDP, above the 3.9% registered in October 2016, according to the Ministerio de Hacienda (Ministry of Finance). From a statement issued by Hacienda: The fiscal results up to October show the urgent need to have an...

IMF: Time Is Running Out For Costa Rica

(Q24N) The International Monetary Fund (IMF) is once again emphasizing Costa Rica for more efficient public spending and making cuts before a fiscal adjustment comes into force, in a form that is "draconian and with emergency measures". In education alone, an area into which almost...

President Solis Fears Higher Unemployment, Accepts Some Of The Blame

(qCOSTARICA) A possible deterioration in employment opportunities, particularly among the poorest areas of the country, has President Luis Guillermo Solis worried. He expressed his concern on Friday, after learning of the Banco Central's (Central Bank) 2015 national economy growth projections dropping from a forecasted 3.4%...

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