Tuesday 15 June 2021

Costa Rica Keeps Getting into Debt

The Legislative Assembly approved a US$35 million loan from the Inter-American Development Bank (IDB) to “support the country in the implementation of its fiscal reform program.”

At the beginning of July, in the midst of the controversy generated by the recent implementation of fiscal reform in Costa Rica, the approval of a credit to strengthen fiscal sustainability was announced.

According to the IDB, the resources will be used to support the country in the implementation of its fiscal reform program, aimed at improving the efficiency of public expenditure management (employment and administrative reform), the effectiveness of the macro-fiscal institutional framework and the management of the country’s tax system.

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On October 1 the Assembly reported that “… The legislators approved to be late in their second debate process a series of bill among which is 21.535, Approval of the loan contract to finance the program to support fiscal sustainability signed between the Republic of Costa Rica and the Inter-American Development Bank, for an amount of US$350.000.000, with a 20-year term, which received the favorable vote of 46 legislators.”

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FACT CHECK:
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