Q COSTARICA — At his traditional Wednesday press conference, President Rodrigo Chaves indicated that he does not plan to leave the country, despite having received “lucrative offers” to work abroad.
Chaves also announced the appointment of President-elect Laura Fernández to his cabinet, who will be the Ministra de la Presidencia (Chief of Staff) until May 8, when the roles will be reversed; that is Chaves, on May 8, will be the Ministro de la Presidencia in the new government of Laura Fernández.
The outgoing president also stated his desire to lead Costa Rica down the path of development.
“I have something very clear in my heart: obviously, Laura and I need to discuss the specific parameters of that appointment. She was (and now will be again) my subordinate, and now I would be her subordinate. (…) When I returned to Costa Rica, to politics, I said that I had left my roots here and that I wanted to leave my bones here. I was out of the country for 36 years. Many months ago, I began receiving offers from abroad that were very attractive in terms of salary and position, but I have commitments to my country, to my people, to my sense of purpose, which led me to reject those lucrative offers. Therefore, I will stay in Costa Rica until the day I die, and I will try to serve in the best position I can. I believe that being a minister is an interesting option,” Chaves said.
On Wednesday, Chaves said that naming Fernández as Minister—filling a role that’s been empty since she stepped down last January to run for president—is to push the political transition forward quickly during the last three months of this administration. More importantly, it’s about making sure no time is wasted and every minute counts for the benefit of Costa Rica.
The appointment is an unprecedented, unusual, and certainly striking event.
Traveling through Europe by train is one of the most efficient and enjoyable ways to see multiple destinations in a single trip. Rail networks connect major cities, small towns, and scenic routes with ease, allowing travelers to move comfortably without the stress of airports or long drives. Days often involve transfers, station walks, and hours onboard, making comfort essential. Many travelers rely on practical gear likeinsulated water bottles to stay hydrated throughout long journeys and busy sightseeing days.
For first-time visitors, understanding how to plan a rail-based trip can transform the travel experience.
Why Train Travel Works So Well in Europe
Europe’s rail infrastructure is designed with travelers in mind.
Key advantages include:
City-center arrivals
Frequent departures
Comfortable seating
Scenic routes
Trains allow travelers to maximize time while minimizing hassle.
Choosing the Right Rail Pass or Tickets
Deciding between point-to-point tickets and rail passes depends on your itinerary.
Considerations include:
Number of countries visited
Travel flexibility
Advance booking discounts
Reservation requirements
Researching options ahead of time helps avoid unnecessary costs.
Understanding Train Classes and Reservations
Not all European trains operate the same way.
Important things to know:
High-speed trains often require reservations
Regional trains are more flexible
First class offers more space but is optional
Seat reservations vary by country
Knowing these differences prevents last-minute stress.
Packing Smart for Train Travel
Train travel favors efficient, organized packing.
Recommended items:
Compact luggage
Easy-access essentials
Snacks for longer routes
Entertainment for downtime
Keeping belongings manageable makes transfers easier.
Making the Most of Long Train Journeys
Train rides can become a highlight of the trip if approached thoughtfully.
Ways to enjoy the journey:
Watch changing landscapes
Plan upcoming stops
Rest between busy days
Use onboard dining when available
Slowing down enhances the overall experience.
Best Routes for First-Time Travelers
Some routes are especially beginner-friendly.
Popular options include:
Paris to Amsterdam
Rome to Florence
Vienna to Budapest
Barcelona to Madrid
These routes are frequent, efficient, and scenic.
Final Thoughts
European train travel offers a balance of convenience, comfort, and discovery. With careful planning and realistic pacing, travelers can explore multiple destinations while enjoying the journey itself. It is a travel style that encourages flexibility, curiosity, and connection.
Q COSTARICA — On Tuesday, February 3, at 9:00 a.m., the first session of the final vote count began of the 7,154 polling stations authorized for the national elections by the Tribunal Supremo de Elecciónes (TSE).
The ballot count is related to the approval of Law No. 10,590, known as the “Law for Strengthening the Electoral Recount,” published in La Gaceta on December 3, 2024.
This new mechanism aims to recount all ballots for the election of representatives, as an additional guarantee of the integrity and transparency of the electoral process.
Furthermore, Costa Ricans will be able to consult—for the first time—the final results from each polling station once the count by the electoral court is completed.
How will it work?
Starting Tuesday, the TSE will hold two vote count sessions per day: in the morning, from 8:00 a.m. From 12:30 p.m. to 12:30 p.m., and from 1:30 p.m. to 5:30 p.m.
The vote count must be completed within 30 days of the election date for the presidential ballot, and 60 days after the election for the congressional ballot, according to the Electoral Code.
The review of the materials and results from each polling station will be overseen by the presiding and alternate members of the TSE.
Each of the five working groups will be accompanied by approximately 20 electoral officials and previously accredited party representatives.
Furthermore, in the case of the presidential ballot, the TSE will order a recount of votes in a JRV when there are admissible appeals or nullities, evident inconsistencies in the results, irregularities in the formation of the board during the preliminary count or problems with the electoral register, such as loss, lack of use or relevant observations.
Sessions will be broadcast continuously on the TSE’s official YouTube channel (TSECostaRica). Additionally, after the close of each session, the ballots for each polling station and the minutes with the final results will be published daily on the website www.tse.go.cr.
Q COSTARICA — After several months of appeals and uncertainty, it was formally announced on Tuesday that former Costa Rican magistrate Celso Gamboa will be extradited to the United States to face criminal charges for international drug trafficking.
The unanimous decision by the three judges of the Criminal Sentencing Appeals Court (Tribunal de Apelación de Sentencia Penal) was made early Tuesday morning and immediately released to the press.
However, the court conditioned the extradition of the former official on the United States providing a legal document committing them not to impose a life sentence or a term longer than 50 years in prison, the same limits imposed in Costa Rica.
The prosecution reported that this process by the United States cannot take more than two months. Once approved by the courts, Gamboa will be extradited.
The measure also applies to Edwin López, known as “Pecho de Rata” (Rat’s Chest).
“The maximum sentence is established in our legislation, and therefore, a maximum sentence of 50 years, or even life imprisonment, cannot be imposed. We have been working with the U.S. Drug Enforcement Administration (DEA) on this matter for more than three years, in the drug trafficking investigation,” explained Costa Rica’s Attorney General, Carlo Díaz.
Additionally, the Costa Rican court has requested that the time Gamboa has already served in prison (from May 2025) be deducted from his sentence. In the case of López, that it be guaranteed that he will only be tried on crimes after January 22, 2014, since the previous ones were covered by a final sentence issued in Costa Rica.
In the case of Jonathan Álvarez Alfaro, alias “Profe”, the third person tied to this extradition request, considering that the events attributed to him occurred before the entry into force of the constitutional reform that cannot be applied retroactively, he will not be extradited and therefore ordered that he be tried in Costa Rica.
Gamboa is considered by the U.S. government to be one of the leaders of a local drug trafficking organization.
According to investigations by the Drug Enforcement Administration (DEA) and the Federal Bureau of Investigation (FBI), Gamboa allegedly earned up to US$500,000 per drug shipment, money supposedly paid by other drug traffickers to facilitate the entry of drugs into Costa Rica.
The investigation even indicates that he moved large sums of money, and that witnesses reported transactions of approximately US$16 million dollars linked to drug trafficking profits.
Vega is wanted for his alleged involvement in international drug trafficking, according to the extradition request filed with U.S. courts. The request, submitted to a federal court in Dallas, Texas, accuses López, along with others, of leading a criminal network dedicated to importing large quantities of cocaine into the United States, charges that led to his arrest.
Q COSTARICA — The outgoing government of Rodrigo Chaves has authorized a modification to the free trade zone regime for Amazon Support Services Costa Rica, significantly reducing the company’s minimum employment commitment in the country.
The decision was established in Executive Agreement No. 5-2026, signed on January 5 by President Rodrigo Chaves and Minister of Foreign Trade Manuel Tovar, which amended the original agreement approved in 2021.
With this change, Amazon’s obligation to maintain a minimum of 16,450 employees has been reduced to a new threshold of 8,225, equivalent to a 50% reduction.
The modification responds to a request submitted by the company between August and November 2025, outlining changes in its operating environment and global employment strategy following the strong growth experienced during the pandemic.
According to the company, between 2016 and 2021, its employment commitment in Costa Rica increased from 3,655 to 16,450 workers, a nearly 350% increase, a goal it claims to have achieved in August 2022.
Amazon argued that the international business environment has changed substantially due to macroeconomic adjustments, pressures to optimize costs, and transformations in work models, with a greater emphasis on virtual work and talent specialization.
In Costa Rica, these changes involved a reorganization of its teams. The company indicated that customer service positions now represent less than 25% of its local workforce, while operations have shifted toward more specialized profiles.
Currently, Amazon maintains more than 50 business units in the country, linked to areas such as finance, artificial intelligence, cloud computing, and robotics, which operate with smaller structures.
The request for reduction was analyzed by the Costa Rican Foreign Trade Promoter (PROCOMER), which recommended that the Executive Branch approve the modification, considering technical and legal criteria, as well as precedents from the Ministry of Foreign Trade regarding the flexibility of the regime in the face of economic changes.
The new agreement maintains the company’s investment commitments, totaling US$107.9 million, and establishes that PROCOMER will monitor compliance, with the possibility of revoking the regime if the conditions are not met.
The adjustment comes amid global staff reductions, after Amazon confirmed on January 28 the elimination of 16,000 jobs in the United States, Canada, and Costa Rica, hours after an email announcing the measure circulated internally and was subsequently deleted by the company.
Entertainment habits across Latin America are really changing rapidly and in Costa Rica, that shift is especially evident. Your smartphone has become central to how you relax, connect and fill spare moments.
Whether you are in San José, commuting along the Central Valley or enjoying downtime near the coast, mobile gaming fits seamlessly into everyday life. This movement is not just about better devices.
It reflects how Costa Rican players connect with the games they enjoy and how easily that sense of excitement now follows them.
From the busy streets of San José to digital hubs across the wider region, faster mobile connectivity has really removed long-standing barriers. In Costa Rica, you no longer need expensive consoles or specialised equipment to enjoy premium games.
Everything is already in your pocket. As platforms adapt their content to local tastes, digital play feels more familiar and approachable. Whether you are fitting in a quick session during a coffee break or spending longer at home, mobile gaming allows Costa Rican players to define their leisure time on their own terms.
The High Cost of the Console Gap
Console gaming was out of reach for Latin America as a whole, including Costa Rica. Import duties and prices really made console gaming a costly venture. It was a significant expense requiring a substantial financial commitment.
This made gamers delay or even abandon gaming altogether. In contrast, mobile gaming provided a viable solution.
Gaming on mobile devices is enabled by their widespread use in everyday life in Costa Rica. For gamers, gaming on these devices was an extension of an already necessary activity. Rather than waiting to save up to buy gaming consoles, gamers were offered thousands of gaming options through app stores they already used.
There was no need to pay extra for game updates or new releases. Gaming became more inclusive by providing opportunities for a wider audience in Costa Rica to participate.
Accessibility Redefined by the App Store
When you launch an application on your phone while in Costa Rica, you expect it to be fast and easy to use. And online slots are no different, with speed and simplicity at the core of their development.
Gone are the days when you had to leave your home to explore different slots and styles. Online slots allow you to do just that without ever leaving your home or dealing with complicated processes. They are also designed to work on older phones, so you don’t need the latest device to access online slots.
Whether you are on a lunch break in San José or looking to unwind after a day at the beach, online slots are always available to you and offer a high-end experience.
A Culture That Loves the Thrill
Costa Rica’s social culture values shared moments, friendly competition and entertainment that sparks conversation. That same energy carries over into mobile gaming. From following local football matches to spinning online slots, the appeal lies in experiences that can be enjoyed individually yet still discussed with friends and family.
Social features make it easy to compare results or join wider communities. Localised themes and sound design help games feel relevant to Costa Rican players.
Flexible session lengths allow play to fit around busy schedules, whether you have a few minutes or more time to unwind. Ongoing rewards and bonuses keep engagement fresh, reinforcing why mobile gaming continues to grow in popularity throughout Costa Rica.
The Move Toward Regulated Excitement
Across Latin America, including Costa Rica, clearer rules around digital gaming are beginning to take shape. This trend benefits players by improving transparency and trust. As regulatory frameworks develop, platforms are held to higher standards of security and fairness.
When you play online slots on licensed sites, you gain confidence that systems are audited and transactions are protected. Regulation does more than enforce rules. It creates a safer environment where players can focus on enjoyment.
This growing transparency has helped remove stigma around digital gaming, replacing it with a more professional atmosphere. Clear guidelines strengthen the relationship between operators and Costa Rican players while ensuring responsible gaming tools remain accessible.
At the same time, regulation encourages international developers to introduce higher-quality titles to the local market, expanding choice and improving overall standards.
Convenience as the New Currency
Ultimately, mobile gaming succeeds in Costa Rica because it understands the importance of your time and lifestyle. You no longer need to spend hours in front of a TV to enjoy your online slot machine experience or other mobile games.
The platforms are available on your phone, delivering the high-quality experience you want while providing the portability you need to make your lifestyle work for you.
As technology advances in mobile gaming, this remains the driving force behind its success throughout Costa Rica and the rest of Latin America.
Q COSTARICA (Delfino) President-elect Laura Fernández will be able to use the joint referendum mechanism to put certain bills and constitutional reforms to a popular vote.
This mechanism is the same one that the government of Óscar Arias used in 2007 to put the Free Trade Agreement (FTA) with the United States, Central America, and the Dominican Republic to a referendum.
According to the 2006 Referendum Law, a joint referendum (‘referéndum mancomunado’ in Spanish), or Executive referendum as it is called in the law, is one called by the Executive Branch via decree and with the endorsement of an absolute majority of the Legislative Assembly, that is, at least 29 votes.
According to the latest provisional results from the Tribunal Supremo de Elecciones (TSE)— Elections Tribunal, the ruling party won 31 seats for the 2026-2030 constitutional term. The opposition will hold 26 seats, divided among 17 for the Partido Liberación Nacional (PLN), seven for the Frente Amplio (FA), and one each for the Partido Unidad Social Cristiana (PUSC) and the Coalición Agenda Ciudadana (CAC).
However, Fernández will face constitutional and legal limitations regarding which projects she can call for a referendum through this mechanism. For example, matters related to the budget, taxation, fiscal policy, monetary policy, credit, pensions, security, loan approvals, contracts, or administrative acts cannot be submitted to a popular vote.
In the case of constitutional reforms, Fernández will need the Legislative Assembly to approve the proposal in the first legislative session, which requires a prior binding ruling from the Constitutional Court or Sala IV, as it is popularly known, and at least 38 votes in the second debate.
The government of Rodrigo Chaves Robles attempted to hold a joint referendum during his term to request a popular vote on his proposed “Jaguar Law,” but the attempt failed after the Sala IV declared multiple elements of the bill unconstitutional.
Fernandez takes office at high noon on May 8, when President Chaves hands over the presidential sash in a public ceremony.
Translated and adapted from the article “Referéndum mancomunado: la herramienta que podrá usar Laura Fernández tras ganar mayoría en el Congreso” published at Delfino.cr.
Q REPORTS — The article “What History Tells Us About Trump’s ‘Big Stick'” explores the historical roots and implications of the “big stick” policy in U.S. foreign relations, particularly in Latin America, and how it relates to former President Donald Trump’s approach.
The phrase “big stick” originates from Theodore Roosevelt’s philosophy of “speak softly and carry a big stick,” which emphasized diplomacy backed by the credible threat of military force.
The article traces the origins of this policy to early 20th-century U.S. interventions in Latin America, such as the occupation of Nicaragua and influence over Venezuela, establishing the U.S. as a regional enforcer.
This approach prioritized maintaining order and U.S. interests through a combination of diplomacy and military presence, often supporting right-wing regimes and interventions.
In the context of Trump’s presidency, the article suggests that his foreign policy echoed this historical doctrine by combining aggressive rhetoric with strategic use of power to influence Latin American countries.
Trump’s stance reflected a continuation of this “big stick” legacy, focusing on asserting U.S. influence and using pressure tactics to achieve policy goals in the region.
Overall, the article argues that understanding this historical backdrop sheds light on the persistence of assertive U.S. policies in Latin America and how Trump’s “big stick” approach fits within a long tradition of American diplomacy and interventionism in the hemisphere Americas Quarterly.
SIX KEY U.S. ADMINISTRATIONS
1817–25 James Monroe
Monroe outlined the region’s most famous “doctrine,” warning European powers against further colonization in the Western Hemisphere. As conceived by his administration, the doctrine was mainly defensive, asserting U.S. interests without committing to military intervention or regional management.
1901–09 Theodore Roosevelt
Roosevelt dramatically expanded U.S. interventionism through the Roosevelt Corollary, claiming a U.S. right to act as a “police power” in Latin America. His presidency marked the shift from hemispheric warning to direct occupations and financial control, especially in the Caribbean and Central America.
1909–13 William Howard Taft
The author of “Dollar Diplomacy,” which saw Latin America primarily through the lens of trade and corporate interests—and often used U.S. military force to support them. Attempted to create a protectorate in Nicaragua.
1933–45 Franklin Delano Roosevelt
FDR reversed decades of military intervention with the Good Neighbor Policy, pledging non-interference and respect for sovereignty. Under his leadership, U.S. troops withdrew from occupied countries, and helped pave the way for Latin American countries to join the Allied cause in World War II.
1961–63 John F. Kennedy
In the wake of the Cuban revolution, Kennedy aimed to contain communism through the Alliance for Progress, an ambitious economic development program. He also resorted to direct military action including the Bay of Pigs invasion and the Cuban blockade of 1962 that almost led to nuclear war with the Soviet Union.
1981–89 Ronald Reagan
The U.S. became deeply involved in wars in Central America, which Reagan saw as an integral part of the global fight against communism. His 1983 invasion of Grenada reaffirmed the U.S. willingness to use military force following the non-interventionist Jimmy Carter years.
Q COSTARICA — The national weather service, the Instituto Meteorológico Nacional (IMN), reported that Costa Rica’s capital city, San José, recorded its lowest temperature in over 30 years early this Monday morning.
According to the IMN the weather station located in the Aranjuez neighborhood recorded 12.2 degrees Celsius (54 Fahrenheit) on February 2nd, breaking the record for the lowest temperature ever recorded in the capital city during the month of February.
The low temperatures of recent days are due to the effects of a cold front, the 13th of the season.
According to the IMN report, the mass of cold air associated with this front persists over the region, generating strong winds with gusts exceeding 100 kilometers per hour in some areas of Guanacaste.
Furthermore, between midnight and 6:00 a.m. on Monday, the Caribbean slope recorded rainfall accumulations of between 5 and 38 liters per square meter.
According to the IMN, temperatures in the central and northern parts of the country will remain low, with minimum temperatures potentially dropping below 15°C in urban areas and below 10°C in mountainous regions. In the Caribbean and Northern Zone, temperatures are expected to range from 16°C to 18°C.
The Meteorological Institute urged caution due to strong wind gusts and their potential damage to roofs, power lines, signs, and trees, as well as the generation of rough seas in coastal areas.
In the Central Valley, the Greater Metropolitan Area, winds of 50 to 85 kilometers per hour are expected, reaching up to 110 kilometers per hour in the mountainous areas of Guanacaste province. In the Caribbean and Northern Zone, winds will range between 40 and 60 kilometers per hour.
The official weather forecast for this Monday, February 02, 2026:
At the beginning of this week, the effects of cold surge #13 persist, producing very strong wind gusts, with greater impact in the North Pacific, the Central Valley, and the mountain ranges. The Caribbean and the North Zone will continue to experience abundant cloud cover and rainfall. Wind conditions will favor the transport of cloudiness and precipitation toward the Central Valley and higher elevations. In addition, a noticeable decrease in daytime temperatures is expected, mainly in the central and northern parts of the country.
Q COSTARICA — On February 1, Costa Rica held a pivotal election that has captured the attention of the region and beyond. Voters across the country headed to the polls to choose their next president and legislators and shape the nation’s direction for the coming years.
This election was marked by a charged atmosphere, reflecting the hopes and challenges facing Costa Rica today. Citizens cast their ballots amid debates on economic recovery, environmental protection, and social equity — issues that resonate deeply in this Central American democracy known for its stability and progressive values.
The leading candidates brought sharply different visions. One camp emphasized continuing Costa Rica’s commitment to sustainability and green energy, while the other promised economic revitalization through innovation and job creation. Many voters were weighing how best to balance growth with the country’s cherished environmental heritage.
Election officials reported a strong turnout, signaling robust public engagement. Early projections showed a close race, with no candidate securing an outright majority, which could lead to a runoff contest in the coming weeks. Political analysts noted that this tight contest reflects the diverse perspectives of Costa Rica’s electorate and the dynamic nature of its democracy.
International observers praised the peaceful conduct of the election and the transparent voting process, reinforcing Costa Rica’s reputation as a beacon of democratic governance in the region.
As the country awaits the final certified results, the election has already sparked important conversations about Costa Rica’s future path. Whether it’s through protecting its lush rainforests, addressing economic inequality, or strengthening its social programs, the new leadership will face the challenge of uniting a nation eager for progress while honoring its proud traditions.
February 1’s vote was more than a routine political event — it was a moment for Costa Ricans to assert their vision for what lies ahead, in a country that has long been a model of peace and democracy in Latin America.
Q COSTARICA — The results of Sunday’s elections confirm a dramatic shift in the composition of the Legislative Assembly.
The Nueva República (PNR), the Partido Liberal Progresista (PLP), and the Partido Unidad Social Cristiana (PUSC) registered the greatest losses of seats in the new 2026-2030 legislative assembly.
According to data from the Tribunal Supremo de Elecciones (TSE), PNR went from seven representatives in the outgoing legislature to none in the upcoming Legislative Assembly.
The PLP also lost all six of its seats.
The PUSC suffered a drastic reduction in its representation, dropping from nine representatives to just one.
The Partido Liberación Nacional (PLN) also registered a decrease, although smaller, falling from 19 seats to 17.
Who increased their presence?
In contrast, the Partido Pueblo Soberano (PPSO) showed the most significant growth, going from no representation to 31 seats.
The FA also increased its representation, rising from six to seven representatives.
Costa Rica’s Legislative Assembly has 57 members.
To pass most decisions, a simple majority of 29 votes is needed, while a supermajority of 38 votes—two-thirds of the Assembly—is required for things like constitutional changes or key appointments.
Q COSTARICA — Sunday’s national elections marked a break in the upward trend of abstention seen in recent electoral processes.
According to data from the Tribunal Supremo de Elecciones (TSE), released Sunday night, abstention fell to 30.90%, a significant drop from the 40.04% recorded in the first round of the 2022 elections.
With these figures, voter turnout reached 69.10%, one of the highest levels in recent years and clearly higher than that observed in the previous election.
This data is particularly relevant considering that in 2022 the country registered the highest level of abstention in its recent history, when four out of ten voters did not go to the polls.
These are the abstention rates in the last five national elections:
2006: 34.80%
2010: 30.90%
2014: 31.80%
2018: 34.30%.
2022: 40.04%.
This information was last updated at 12:14 a.m. Monday, February 2.
Q COSTARICA — Sunday night, hours after the polls closed, Costa Rica had a new president-elect: Laura Virginia Fernández Delgado.
With 48.5% of the vote, from 97% of the polls scrutinized, the candidate from the Partido Pueblo Soberano (PPSO) will assume the presidency on May 8, becoming the country’s 50th president and the second woman to hold that office.
Fernández’s victory is also a clear victory for Chavismo, led by outgoing President Rodrigo Chaves, not only because his successor was elected president, but also because it was a resounding victory over her rivals.
Álvaro Ramos of the Partido Liberación Nacional (33%), Claudia Dobles of Agenda Ciudadana (4.8%), and Ariel Robles of the Broad Front (3.7%) fell far short of Fernández’s total, according to the latest data from the Tribunal Supremo de Elecciones (TSE).
The PPSO was victorious despite warnings of opposition that the supposed beginning of a dictatorship was imminent.
Aside from the election results, Fernández inherits a country facing significant challenges in education, health, and security, while the current administration’s economic achievements do not appear to be benefiting the citizens.
What can we expect from the new president?
In healthcare, Fernández proposes regular independent audits of the Costa Rican Social Security System (CCSS) to support strategic decisions that benefit those insured.
This is complemented by immediate technical intervention to reduce waiting lists, in partnership with universities and other institutions, with the goal of ensuring that appointments and specialized surgeries are performed in a timely manner. Strengthening the EBAIS clinics, mental health care, and promoting telemedicine complete this focus.
In education, the president-elect has emphasized the urgency of resolving infrastructure problems.
Her plan prioritizes schools currently under health orders, while also promising to expand coverage of the Avancemos scholarship program, school cafeterias, and school transportation, in order to guarantee that students living in poverty remain in the education system.
Meanwhile, security has emerged as one of the major challenges recognized by the president-elect. Her proposal includes a firm hand against organized crime and drug trafficking, as well as reforms aimed at a more efficient and agile State, the end of luxury pensions, the promotion of Government City, with estimated savings of up to US$30 million annually, and the closure of the co-governance of the Comptroller’s Office.
To the Presidential Chair
Fernández assumes the Presidency after holding key positions in the current government,
She served as Minister of National Planning and Economic Policy from 2022 to 2025 and subsequently as Minister of the Presidency (Chief of Staff) from 2024 to 2025.
Her background combines training in public policy and democratic governance with an extensive career within the government.
Before joining the cabinet, she worked in the municipal system as a strategic planning manager, served as director of parliamentary advisory services in the Legislative Assembly, and held various technical positions in the Ministry of Planning, before assuming the position of Minister.
Fernández was one of the most prominent figures in Rodrigo Chaves’ administration. Her time at the Ministry of Planning and later at the Ministry of the Presidency placed her in a central position within the government team.
On a personal level, the president-elect emphasizes her strong family ties and a vocation for public service.
“I am the mother of a wonderful 3-year-old daughter, Fernanda, the wife of Jeffrey, and I am a down-to-earth person who wants to dedicate my heart and soul to serving Costa Rica,” Fernández said.
In her acceptance speech Sunday night, the president-elect focused on the future of her government and the country. Fernández declared that her election signifies the end of the Second Republic, the period in the country’s history that began after the 1948 civil war, and the beginning of a Third Republic.
“The change will be profound and irreversible,” Fernández said, mentioning that democratic transformations are coming, without going into details about what they are.
Within the Third Republic, Fernández envisions an opposition that is vigilant and scrutinizing, but also one that is neither obstructive nor vindictive.
The country’s next president spoke of changing certain rules of the political game, although she promised that the guiding principles of peace, freedom, and solidarity would remain intact.
“A law that doesn’t work is modified or repealed,” was another of the phrases Fernández uttered from the stage. Later, the president-elect promised to pay tribute during her term to current President Rodrigo Chaves and pledged to continue his legacy.
2026 Election Results
The result of Sunday’s poll results, based on the TSE latest count, the presidential votes:
Laura Fernández 48.51%
Álvaro Ramos 33.32%
Claudia Dobles 4.81%
Abstention Rate 30.07%
Legislative votes
Costa Ricans also voted Sunday for their legislative representation. All 57 members of the Legislative Assembly are elected via proportional representation in multimember districts. All members are elected to a non-consecutively renewable 4-year term.
Q COSTARICA — After reiterating that voting is secret, the Tribunal Supremo de Elecciónes (Costa Rica’s Electoral Tribunal) indicated that individuals caught using cell phones at polling stations could have their votes annulled.
“We are facing a legal provision that must be respected by all citizens based on the principle of respect for the law,” stated Gerardo Abarca Guzmán, the Director General of the Electoral Registry, at a press conference held Friday morning.
“There is an explicit prohibition regarding the use of devices that can capture images, and all electoral officials are aware of this regulation and will ensure that no image-capture device is used in order to guarantee the secrecy of the vote,” said Abarca.
The law allows individuals to express their opinions outside of polling stations; Voters can even vote while wearing flags or t-shirts of the party they support, but they cannot show their ballot.
“If the person voting shows the ballot, shows their vote, and says who they voted for inside the polling place, that is grounds for invalidating that vote,” added Eugenia Zamora, president of the TSE.
Furthermore, voters will have only two minutes to cast their vote at the polling place.
The following are the ballots, from the TSE website, to elect the president and the 57 legislators from the seven provinces:
Q COSTARICA — Representatives from Costa Rica’s electoral tribunal—the Tribunal Supremo de Elecciónes—arrived aboard helicopters from the U.S. Embassy’s Air Surveillance Service program, along with bags of ballots, so that voters living in remote areas of Turrialba and Talamanca could exercise their right to vote.
Residents of Alto Telire, Bajo Bley, Xiquiari, Bajo Piedra Mesa, Almirante, Jaki, Duclac, Río Coen, Alto Uren, Jamo, Jekui, Bajo Telire, Sinoli, and Jaki will have the necessary election materials at their polling places for Sunday, February 1, thanks to the close collaboration between the United States and Costa Rica and both countries’ commitment to democracy.
The helicopters will return to these remote areas next week to collect the election materials and bring the TSE representatives back to San José.
RICO’s Q — Tensions surge as the diplomatic relationship between Nicaragua and Spain has sharply deteriorated in recent weeks, plunging into a full-blown crisis that threatens to upend years of historical ties.
At the heart of the confrontation lies a series of escalating disputes over political accusations, human rights concerns, and alleged interference in domestic affairs.
The latest flare-up began when the regime of Daniel Ortega and Rosario Murillo expelled Spain’s ambassador, Sergio Farré, only weeks after having presented his credentials in Nicaragua, accusing Madrid of meddling in its internal politics and supporting opposition groups.
The regime expelled not only the Spanish ambassador to the country and his second-in-command, Miguel Mahiques Núñez, who had to leave Managua last Sunday, January 25, by order of the dictatorial duo.
Spain, in turn, responded by declaring Nicaragua’s ambassador persona non grata, signaling a severe breakdown in diplomatic communications. This tit-for-tat escalation has rattled diplomats and analysts alike, who warn of a prolonged standoff with wide-reaching consequences.
Spain has been openly critical of Nicaragua’s recent crackdown on dissent, notably targeting opposition leaders, journalists, and civil society activists. The Spanish government has condemned what it calls a systematic erosion of democratic freedoms and human rights abuses under President Daniel Ortega’s administration. Spain’s vocal stance, coupled with its calls for international pressure on Managua, has been met with fierce retaliation.
For the Ortega-Murillo regime, these denunciations are viewed as an affront to national sovereignty and an attempt to undermine its government, accusing Spain of hypocrisy and neo-colonial attitudes, framing the conflict as a struggle against foreign interference. They insist that their actions are necessary for national security and stability, dismissing criticisms as politically motivated attacks.
However, behind the regime’s actions may be something closer to home for them.
Speculation suggests the rift seems to stem from Spain’s refusal to grant the Ortega-Murillo family refuge, as the United States continues to pressure the regime to give up its power.
Earlier this month, when it seemed likely that the U.S. might do a “Maduro” on Daniel Ortega and his wife and Rosario Murillo, fearing betrayal from within, the dictatorial duo may have sought refuge.
The issue of the co-presidency is interesting, especially since they haven’t yet named a vice president.
Laureano is not in the line of succession
If Ortega were to die today, or if something were to happen to Rosario Murillo, Gustavo Porras would be next in line.
Without Ortega in power, the entire system becomes destabilized. The absence of Ortega, Rosario Murillo, and even Laureano doesn’t guarantee a democratic transition in Nicaragua.
This will bring, however, more uncertainty but also greater opportunities for change. Still, all the necessary preparations must be made to ensure a democratic transition can happen in Nicaragua.
It will generate, however, more uncertainty and better possibilities for change, but all the necessary work must be done to be prepared for that moment, so that a democratic transition can take place in Nicaragua.
What is clear, after Venezuela, Ortega and Murillo now know they can be removed.
In a conversation on the program “Esta Semana”, which is broadcast on CONFIDENCIAL’s YouTube channel due to television censorship in Nicaragua, historian Dora María Téllez and political scientist Douglas Castro analyzed the dilemmas of the dictatorship and the opposition in light of the Venezuelan crisis and Donald Trump’s imperial intervention.
“Daniel Ortega and Rosario Murillo, for the first time, are convinced that this animosity (with the United States) in the case of Venezuela has translated into action. Maduro said, ‘Come and get me out, let them come and get me out,’ and they came and got him out. Daniel Ortega has said the same thing, they’ve all said it, believing that it would never happen. For the first time, now the Ortega-Murillo family is certain that it can happen, and that changes everything, even the issue of succession,” says Téllez, a former Sandinista guerrilla and former prisoner of conscience.
“Rosario Murillo is Daniel Ortega’s successor, and Ortega is politically dead. She has already placed all her unconditional operatives in positions of power. Why don’t they appoint a vice president? Because Rosario Murillo doesn’t want to be overshadowed; she wants to remain Ortega’s undisputed successor. No one should think that a vice president is going to become co-president alongside her. Her risk is that if something happens—any unforeseen event, like a heart attack for both of them—they haven’t appointed anyone to the vice presidency, and that role falls to Gustavo Porras,” Téllez warned.
The “Esta Semana” is hosted by Carlos Chamorro, founder and editor of Confidencial, and son of former President of Nicaragua, Violeta Barrios de Chamorro, who has been in exile in Costa Rica since January 2019.
In the Philippines, the love for games is deeply intertwined with cultural traditions and practices that foster unity within communities. Among these traditions, the perya stands as a significant cultural icon. Known for its colorful carnival atmosphere, the perya is a feature of town fiestas, providing endless entertainment for both children and adults.
The fairgrounds come alive with simple yet exciting games like the color game, spin wheel, and ring toss, which encourage people from all walks of life to come together.
Capturing Filipino Culture Online: The Wide
As lifestyles have evolved in the digital age, this time-honored tradition has taken on a modern form through Peryagame, an online platform recreating the carnival experience for Filipinos. Offering convenience and connectivity, Peryagame allows users across the country to enjoy traditional perya games with just a few clicks. Its accessible, engaging gameplay provides entertainment for various generations, bringing longtime fans and curious newcomers together in the digital space.
A Symbol of Filipino Heritage: The Perya’s Lasting Legacy
The perya holds an important place in the cultural fabric of Filipino communities. Beyond the fun-filled atmosphere, it serves as a communal gathering where people celebrate local festivals and share joy with neighbors. Through simple yet inclusive games, the event fosters connections while paying homage to the country’s history and traditions.
Peryagame brings this cultural legacy to life by translating these games into a digital environment. Online users can now experience the same sense of thrill and nostalgia previously found in traditional carnivals. By staying true to the original mechanics of games like the Perya Color Game, the digital platform offers a familiar format that resonates with players of all ages, ensuring that the spirit of the perya remains alive.
Simple Yet Engaging Gameplay for Everyone
The widespread appeal of Peryagame largely stems from its simplicity. In an era where many online games feature multi-layered systems and complex mechanics, Peryagame offers something refreshingly straightforward. The Color Game, one of the platform’s flagship offerings, involves picking a color and waiting for the result, making it easy for anyone—regardless of age or playing experience—to participate.
Its accessibility ensures broad enjoyment. Older players, nostalgic for their childhood memories of fiestas, find comfort in the familiar mechanics, while younger players enjoy the laid-back nature of the game as a break from the complexities of modern play. Families and friends can share in the excitement together, bridging age gaps through communal sessions of online play.
Nostalgia Meets Modern Play
For older Filipino players, Peryagame offers the chance to reconnect with treasured memories of barangay celebrations and town fiestas. From its vibrant visuals to the ambient sounds of the game, the platform evokes an undeniable sense of nostalgia, creating an emotional link to the past. These features make the experience more than just a game—it becomes a heartfelt reminder of simpler times.
Younger audiences, on the other hand, find in Peryagame a refreshing alternative to mainstream playing options. Instead of focusing on fast-paced action or challenging systems, the platform introduces new ways to be entertained while offering a deeper connection to Filipino heritage. Through simple yet meaningful gameplay, Peryagame keeps tradition alive while engaging the next generation of players.
The Color Game: A Fan-Favorite Experience
Among the various games available on Peryagame, the Perya Color Game has earned its place as the most popular. Known for its easy-to-grasp mechanics, it attracts both casual players drawn to its unpredictability and more seasoned players who enjoy refining their strategies.
The game offers a unique mix of chance and strategy, where success hinges on making calculated choices while managing a budget and observing timing patterns. Beginners often play for instant enjoyment, while more competitive users actively search for color game tips, decision-making tricks, and methods to increase their winning odds. The ability to cater to both casual and strategic players ensures the game’s enduring popularity across generations.
Expanding Horizons Through Digital Platforms
The rapid growth of Peryagame is closely linked to the success of trusted platforms like GameZone, which ensures a secure and user-friendly digital environment for playing. Through platforms such as GameZone casino, GameZone online, and GZone, players can easily access perya-inspired games and enjoy their favorite carnival activities from wherever they are.
Licensed by PAGCOR, GameZone safeguards player interests with transparent regulations and responsible practice tools. Its features, including spending caps and reminders, help users manage their sessions responsibly, creating a safe space for entertainment. Open exclusively to players aged 21 and above, the platform delivers an optimized experience for audiences seeking reliable and enjoyable online gameplay.
Adapting to Busy Modern Lifestyles
The shift to shorter, more engaging playing sessions is one of Peryagame’s answers to the demands of today’s fast-paced world. Unlike traditional games that may require hours of continuous play, the platform allows users to enjoy quick online sessions that fit into any schedule.
Office workers, students, and retirees alike appreciate the flexibility of Peryagame, as its games require no long-term commitment or advanced preparation. With options like the Color Game, players can easily log in for a few minutes during coffee breaks or quiet evenings before logging out feeling entertained and refreshed.
Encouraging Responsible Play
A notable feature of Peryagame is its emphasis on responsible practices. Platforms like GameZone incorporate mechanisms to help users maintain balanced play, offering tools like self-exclusion options and session limits. Such measures ensure players can enjoy their playing sessions without feeling pressured.
These safeguards have made Peryagame a trusted and reliable choice for gamers in the Philippines. Families and individuals alike appreciate the platform’s commitment to providing entertainment in a secure and sustainable manner.
Bridging Culture and Innovation
Peryagame has successfully transformed traditional Filipino games into modern entertainment, making them accessible to players across generations. By offering a combination of nostalgic charm and digital convenience, the platform brings the joy of perya games to the forefront of Filipino entertainment. From the thrill of the Color Game to the lighthearted community engagement it fosters, Peryagame connects its users not only through gameplay but also through culture and shared memories.
With platforms like GameZone paving the way, Peryagame aligns itself as a bridge between heritage and technology. Modern gamers are introduced to traditions that echo the lively fiestas of Filipino towns, keeping these beloved customs alive in today’s digital age.
Q24N (Confidencial) The economic policies implemented by the regime of Daniel Ortega and Rosario Murillo over the past two years aim to “shield” Nicaragua from potential external shocks, according to three economists consulted by CONFIDENCIAL.
US actions—including those taken in Venezuela—and global conflicts top the list of risks to consider.
A drop in remittances and reduced foreign investment and loan inflows are also among the external factors that could affect the performance of the Nicaraguan economy.
In the last 24 months, the regime has taken several steps to mitigate potential problems. While the freezing of the córdoba’s exchange rate against the dollar took effect on January 1, 2024, the creation of Special Economic Zones (SEZs) was formalized on October 29, 2025.
In the process, gross international reserves have increased. At the same time, the search for external resources continued unabated, given the closure of traditional bilateral and multilateral sources that supplied the country with dollars.
While there is a consensus that it is normal—even obligatory—for a government to make decisions to prepare for difficult times, the economists consulted see these decisions as a form of self-preservation by the regime for when those times arrive. The most tragic aspect for the nation as a whole is that these difficult times could arrive as a logical reaction to the dictatorship’s decisions that violate citizens’ rights.
Q COSTARICA — On Tuesday, January 29, the Justices of the Supreme Electoral Tribunal (TSE) received a visit from the Electoral Observation Mission of the Organization of American States (OAS), headed by Mr. Ope Pasquet.
This group of experts will witness the electoral process, and especially the voting on Sunday, February 1st, unfolding within the framework of the law in a peaceful, transparent, and secure manner that guarantees the will expressed at the ballot box.
The delegation is composed of 27 representatives (from 15 different nationalities).
International observation is a guarantee of transparency and one of the important safeguards of the electoral process. The evaluation by this delegation contributes to the strengthening, improvement, and consolidation of Costa Rican democracy.
To carry out this important task, an observation agreement was signed a few days ago between the President of the Supreme Electoral Tribunal (TSE), Eugenia Zamora Chavarría, and the Secretary General of the Organization of American States (OAS), Albert R. Ramdin.
In this agreement, the TSE guarantees the group of international specialists security, free access to information, freedom of movement within the national territory, and access to the electoral body’s facilities, as well as to polling stations (throughout the entire day, including the opening of the polling stations and, if they deem it appropriate, observation of the preliminary count).
The OAS representatives must act with impartiality, objectivity, and independence. Furthermore, they may immediately inform the TSE of any irregularities that may occur during the observation process. Finally, the international organization will send a copy of its final report on the work carried out in the country to the electoral body, which will then be presented to the Plenary of the Organization of American States.
The agreement is valid for the purposes of a possible second round of voting.
RICO’s Q — With the national election only days away, a question is popping up everywhere—from social media to coffee shop chats and office break rooms: what really happens if you don’t vote?
The conversation started because a television news channel highlighted Chile’s 2025 presidential elections, where voting is compulsory, where, if citizens skip voting, they face fines ranging from about 34,000 to 102,000 Chilean pesos—roughly $40 to $120 in US dollars.
In Costa Rica, voting is also compulsory for all citizens over 18. It isn’t just something you’re encouraged to do—it’s required by law. The Supreme Electoral Tribunal (TSE) keeps a record of who shows up at the polls and who doesn’t. However, Costa Rica doesn’t sanction those who skip the vote.
The TSE treats voting as both a right and a voluntary act.
Back before 1953, Costa Rica had penalties or not voting—things like trouble cashing checks or getting notarial acts done—but those rules were scrapped with electoral reforms that year. Since then, a few bills have been presented in the Legislative Assembly, suggesting fines as high as a million colones for skipping the vote. But none have passed.
What is sanctioned, however, is employers blocking their workers from voting by refusing time off. If that happens, the employer faces financial penalties.
This system of compulsory voting, albeit a voluntary act, highlights Costa Rica’s dedication to keeping democracy alive and kicking.
Just yesterday, I asked Jorge, who often stops by my pizza shop, what he thought about fining people who don’t vote. “I have the right to vote, which means I also have the right not to,” he said. The two younger guys at his table agreed with him. A woman with them, from Guatemala, sat quietly.
The debates over whether such fines would be fair or constitutional include critics who say fines can hit lower-income folks harder, especially those who struggle with transportation or work schedules. But others argue that a fine is a small price to pay to keep voter turnout high—something Costa Rica manages better than many countries in the region.
The debate over compulsory voting and penalties isn’t just a Costa Rican thing. Around the world, countries wrestle with how to get people involved in elections without stepping on personal freedoms.
For many here, voting is more than a legal duty—it’s a tradition they take pride in, a way to keep democracy strong.
With election day just around the corner, the message is clear: every vote counts—and sitting it out isn’t “pura vida”.
This election, I’m planning to vote—not out of obligation, but because I want to shape what happens next. I haven’t settled on a candidate yet, but like many I’ve been talking with, one thing’s obvious: we’re done with “Chavismo” in Costa Rica.
It’s also my wife’s first time voting since she became a citizen. She never voted back in Nicaragua, and with the recent crackdown there wiping out dual nationality (Nicaragua, eliminating dual nationality), this feels like a powerful moment for her—a chance to make her voice heard in a democracy.
I encourage everyone, locals and naturalized citizens alike, to get out and vote this Sunday.
Q24N — The regime of Daniel Ortega and Rosario Murillo tried and convicted its longtime ally and economic advisor, Bayardo Arce, who had been detained last year.
The swift justice followed the escape to Costa Rica of Arce’s wife, Amelia Ybarra-Rojas, and her brother Amilcar, who had been closely watched by Nicaraguan authorities.
Arce, who is 76 years old and a veteran Sandinista commander, was first detained in July 2025 after a police raid on his home in Managua involving dozens of officers from the Special Operations Directorate. The arrest came amid a broader government-led corruption investigation and political shake-up in the country.
Arce had previously been placed under house arrest in March 2025, but no formal charges were made public at that time. His July arrest marked a sharp escalation, with authorities accusing him of money laundering.
On Tuesday, after six months in detention, a Nicaraguan court declared Bayardo Arce guilty of money laundering. This conviction came shortly after his wife and brother-in-law, , who had been under police surveillance, were able to slip through and make their way to Costa Rica last week.
Bayardo’s brother, Gerardo, was forced to resign as a Supreme Court Justice earlier this month.
Once a prominent figure within the Sandinista Front and a close adviser to Ortega, Arce’s fall from grace underscores the shifting political dynamics in Nicaragua. He was one of the original nine Sandinista commanders and had wielded considerable influence over economic matters in the government. His arrest and conviction have been viewed by some as part of a consolidation of power by Ortega’s inner circle, amid ongoing tensions and accusations of authoritarianism within the country.
Throughout his career, Arce has been recognized for his commitment to the ideals of the Sandinista movement, advocating for social justice, economic sovereignty, and national independence. He has often emphasized the importance of education and innovation as tools for Nicaragua’s progress.
The revolutionary commander who helped overthrow Somoza in 1979 now languishes in La Modelo, the same prison where the regime locked up hundreds of protesters after the 2018 protests.
Despite his conviction, details about the specific allegations and the evidence presented in court remain limited in public reporting.
That little made public about the case, was the statement from the Attorney General’s Office: “The illicit capital produced by the accused amounts to USD $2,713,583,217 and C$82,344,806,790. As compensatory measures, the cancellation of companies and the confiscation of assets were ordered.”
According to the Attorney General’s Office, “49 companies were identified, 35 of which were actively operating to channel illicit capital flows. The money laundering was carried out through fictitious loans and international transfers to Panama and the British Virgin Islands.”
Arce’s case is emblematic of the wider crackdown on former allies and political figures in Nicaragua, signaling a turbulent chapter in the nation’s political landscape.
Q COSTARICA — Nicaraguan migrants topped the list of foreign homicide victims in Costa Rica during 2025, according to official data from the Organismo de Investigación Judicial (OIJ – the Judicial Investigation Agency.
The figures confirm a disproportionate impact of lethal violence on the migrant population, particularly on the Nicaraguan community, the largest in the country.
According to the report from the OIJ’s Criminal Analysis Unit, 92 Nicaraguans were murdered in Costa Rica in 2025.
During that same period, the country registered a total of 873 homicides, of which 122 involved foreign nationals, meaning that Nicaraguans represented approximately 75% of the foreign victims.
The report details that, far behind, Panamanians and Americans accounted for six homicides each.
Victims were also registered from Jamaica, Colombia, France, Peru, Guatemala, Venezuela, Ecuador, Chile, Austria, Canada, Germany, El Salvador, and Spain, although with only one or a few cases per nationality.
Violence, Migration, and Social Exclusion
Security and criminal analysis specialists agree that the migrant population, particularly Nicaraguans, faces high levels of vulnerability, associated with structural conditions such as informal and precarious employment, residence in areas with high crime rates, limited access to social protection networks, and exposure to organized crime and drug trafficking.
In many cases, the victims are people of working age who work in sectors such as agriculture, construction, private security, and services—activities characterized by long hours, low wages, and limited institutional support.
A Year Marked by Violence
The sustained increase in homicides has raised alarms among authorities and international organizations.
The year 2025 ranks among the most violent in Costa Rica’s recent history, with figures reflecting the expansion of organized crime, settling of scores, and territorial disputes, especially in coastal and border areas.
Although the OIJ has reiterated that nationality is not a determining factor in crime, the data shows that violence impacts certain groups unequally, including the Nicaraguan migrant population.
The main motive for homicides continues to be settling of scores between gangs, and more than 70% of the victims are young men, primarily between the ages of 18 and 39.
In terms of geographic distribution, the central canton of San José led the list with 18 homicides of foreign nationals, followed by Santa Cruz de Guanacaste with 11 cases and Alajuelita (San Jose) with seven.
Significant numbers were also reported in Alajuela, Limón, Los Chiles, San Carlos, Orotina, Nicoya, Cartago, Quepos, and Liberia, among other cantons.
Meanwhile, the Observatorio Voces Contra la Violencia (Voices Against Violence Observatory) has documented 72 crimes against Nicaraguan women and girls, 10 of which were murdered in Costa Rica, reinforcing concerns about the safety of migrant women in vulnerable situations.
Unsolved Crime
Among the 92 Nicaraguans murdered in Costa Rica in 2025 is the case of retired Nicaraguan Army Major Roberto Samcam Ruiz, who was shot to death on June 19, 2025, in Moravia, San José, where he had been living in exile since 2018.
Despite raids and arrests by authorities, there has been no conclusive official response to date regarding the progress of the investigations.
Samcam was an outspoken critic of the regime of Daniel Ortega and Rosario Murillo, and had denounced the persecution and espionage networks targeting Nicaraguan opposition members in exile—allegations that, as of August 2025, were denied by the director of the Dirección de Inteligencia y Seguridad (DIS), Jorge Torres Carrillo. The DIS is the intelligence and security agency of the Presidency.
The Samcam case adds to the growing list of unsolved homicides and once again places citizen security, the protection of migrants, and the fight against impunity at the center of public debate, in a context of violence that continues to generate deep concern in Costa Rica.
OIJ,
Nicaraguan, migrants,
Homicides,
Q COSTARICA — The Organisation for Economic Co-operation and Development (OECD) recently announced an agreement among 145 countries to implement a 15% minimum corporate tax on multinational corporations (a global minimum tax), which also includes an exemption mechanism for U.S. companies.
This would seem like a good way to establish a tax base for large corporations; however, it will have no effect in Costa Rica.
The negotiated agreement stipulated that the corporate tax would be levied, if not collected by the country where a multinational is headquartered, by the jurisdictions where the company operates. The idea is to prevent multinational corporations from further eroding the tax bases of the countries where they operate and where they should be effectively paying taxes.
However, it’s important to understand that the OECD is not an international organization, but rather an association of countries that promote best practices in public policy. They have promoted instruments for nations to adopt, and in the case of the minimum tax, it’s being consolidated as a proposal that, according to some experts, has little chance of success, not only in Costa Rica but throughout Latin America.
According to Luis Moreno, director of international taxation at the Latin American and Caribbean Network for Economic, Social, and Climate Justice (Latindadd), the 15% tax would not apply to all multinationals, but only to those with revenues exceeding €750 billion or $850 billion.
How does this tax look for Costa Rica?
According to figures from the Costa Rican Foreign Trade Promoter (Procomer), the country is home to approximately 1,000 multinational companies in sectors such as healthcare, advanced manufacturing, light manufacturing, digital technologies, global services, the food industry, and agribusiness, with origins in 67 different nations.
In the services sector alone, Costa Rica has more than 360 multinational companies that exported approximately us$8 billion as of September 2025. 46% of these companies operate in the artificial intelligence (AI) niche, 34% in automation, and 27% in machine learning.
By 2025, the country had attracted 55 new foreign direct investment (FDI) projects, 30 of which came from the United States and the other 25 from Mexico, the Netherlands, and Spain. However, imposing a 15% tax on multinationals in the current context would not be very viable.
According to Fernando Rodríguez, economist and former Deputy Minister of Finance, different frameworks exist in each country, and fiscal policy has not been standardized, with the exception of some similar mechanisms such as the value-added tax (VAT).
“What this would allow us to do is establish a baseline from which we could tax some companies, although politically I don’t see much of a future for it at the moment. The issue of free trade zones has become taboo, and with presidential elections approaching, no candidate seems to be considering implementing such a tax,” the expert stated.
On the contrary, Fernández added, some presidential candidates have spoken of providing more incentives, although the fiscal situation clearly wouldn’t allow it. Of course, if it were possible to implement this tax on multinationals, it would level the playing field with national companies, provided that Costa Rica’s largest trading partners apply it.
“We would depend on the United States taking it in, which is not going to happen, at least that’s what President Donald Trump has made clear, so it wouldn’t be viable during this period,” he said.
And what about the region?
Luis Moreno explained that, during the tax negotiations, the United States threatened to impose very high tariffs on countries that levied a 15% tax on its multinational corporations, which caused a breakdown in the negotiations.
This new agreement effectively grants multinational corporations greater leeway, even allowing them to use tax havens in some cases, while a highly complex process of establishing regulations for the countries that signed the agreement continues.
Above all, it is more complex for developing countries, compared to developed countries, in terms of technical expertise, resources, and technological capabilities, to address the process, and this complexity is part of the problem for Latin America.
“Civil society organizations have expressed some concerns about how this global minimum tax has been established, especially since corporate tax rates in the region are much higher than this 15%. The truth is that the major powers are the ones who created the regulations to make the international tax system more transparent, and this process was clearly not participatory,” argued an expert from Latindadd.
Existing research, Moreno indicated, shows that the main benefits of this tax will accrue to the major powers, which created the regulations. While developing nations might receive some benefit, it would be minimal, and in the case of Central American countries, no nation is currently considering implementing this tax.
Great Wealth: Where Does Tax Justice Stand?
Although Latin America, and Costa Rica in particular, benefits little from these internationally established tax mechanisms, the truth is that countries must move toward new alternatives to mobilize resources that will allow them to finance social protection systems, education, food, housing, and food security; and above all, to tax those who have the most, such as multinational corporations and the very wealthy.
The International Tax Cooperation Convention, currently being discussed at the United Nations, is addressing the taxation of great fortunes, an issue that is also being discussed worldwide and that poses enormous challenges to reducing levels of social and economic inequality.
Viewed from a global perspective, while the wealth of the world’s billionaires soared to record levels in 2025, boosted by the policies of US President Donald Trump, as revealed by Oxfam in its report, “Against the Empire of the Richest: Defending Democracy Against Billionaire Power,” the standards for taxing large fortunes leave most of Latin America’s wealthy untouched.
During the first year of Trump’s second term, collective wealth increased by 16.2%, reaching $18.3 trillion, the non-governmental organization (NGO) stated in its report, which Oxfam publishes annually before the Davos forum, where the global elite gathered recently.
“The actions of the Trump presidency, including its advocacy for deregulation and the weakening of agreements to raise corporate taxes, have benefited the world’s wealthiest individuals, who now number more than 3,000 billionaires for the first time, with the top 12 led by Tesla and SpaceX CEO Elon Musk,” Oxfam stated (see sidebar: Golden Age for Billionaires).
They now possess more wealth than the poorest half of humanity—more than four million people—and are increasingly using their money to buy political power, including media outlets, as seen in Musk’s acquisition of X and Jeff Bezos’s purchase of The Washington Post by Amazon.
In fact, the US$2.5 trillion increase in the combined wealth of billionaires this past year could eradicate extreme poverty 26 times over.
“Around the world, many governments are making the wrong choices by pandering to elites and protecting their concentration of wealth, while suppressing the rights and protests of citizens who suffer the effects of an unsustainable cost of living,” said Amitabh Behar, executive director of Oxfam.
While these millionaires see their coffers grow, they often find ways to hide their wealth, evade offshore taxes, or use tax havens; and the push for global standards to tax large fortunes finds little fertile ground in Latin American nations, much less in Costa Rica.
A report by Latindadd shows that in Latin America, the wealthiest 1% holds more than 35% of total wealth, a figure higher than that recorded in less unequal regions.
There are between 587,000 and 900,000 people with assets exceeding US$1 million and around 14,000 individuals with more than US$30 million in personal wealth. However, the number of people reaching $100 million—the threshold used in global standards for taxing wealth—is extremely small.
It could be said that less than 0.002% of the population would fall into the “centimillionaire” category, which demonstrates that a tax designed only for this group would have a very marginal impact on Latin American economies, the Network’s research indicated.
And despite having a segment of millionaires who could contribute more to public finances, Latin American nations lack effective tax mechanisms to tax them, resulting in a combination of very low rates, evasion, avoidance, and financial opacity.
“For Costa Rica, imposing this type of tax is unlikely. There’s no clarity on how many people it would apply to, and the statistics are underestimated. There are people who have a lot of money, and we probably don’t realize it because they never declare it,” commented Fernando Rodríguez.
Golden age for billionaires
Translated and adapted from the article “Ni Costa Rica ni América Latina se beneficiarán con impuesto a multinacionales y grandes riquezas” published at SemanarioUniversidad.com. Read the original, in Spanish, here.
Q24N (EFE) In the small parliament building, with hardly any protocol or heads of state present, but surrounded by his supporters, conservative Nasry “Tito” Asfura was sworn in as president of Honduras on Tuesday, a position he will hold until 2030.
Asfura entered the chamber without walking through the corridor of honor—where the press and invited guests were gathered—dressed in a simple dark blue suit and accompanied by his wife, Lissette Del Cid, who wore white. Visibly shy, he greeted the few people present at the event and the new president of Parliament.
The ceremony lasted barely an hour at the Honduran parliament building—unlike his predecessors who assumed power in a large football stadium in excessively ornate and lengthy ceremonies—with the international community represented by diplomatic corps.
The new Honduran president followed a basic protocol that included the singing of the national anthem, a blessing from the Church, a military escort, the swearing of allegiance to the Constitution, and, of course, the presentation of the blue and white presidential sash.
His speech was also brief and direct, in keeping with the occasion. Without excessive formal greetings, Asfura addressed, in 12 minutes, the reduction of government spending, security, health, and the economy—some of the main challenges of his administration—while also alluding to the need for peace.
National Politics
“Honduras, I will not fail you. We will be alright. God bless you and your families, God bless Honduras,” Asfura said from a simple transparent lectern.
He made no mention of the international community, not even the United States—despite the hasty support it gave him before the elections—nor of former Honduran President Juan Orlando Hernández (2014-2022), from the same political party as Asfura and pardoned by US President Donald Trump in 2024 for his drug trafficking conviction, the day after the elections won by the now-Honduran president.
And his first act as president was to sign a decree to put the presidential plane up for sale. This plane had been acquired during Juan Orlando Hernández’s administration and was never used by the outgoing president, the leftist Xiomara Castro (2022-2026).
Throughout the inauguration, Asfura crossed himself repeatedly, barely leaving his wife’s side, the now-first lady. He even recited a Catholic prayer during the final minutes of his 12-minute speech. A Massive Appreciation
While the Parliament building was sparsely decorated and lacked presence, the streets surrounding the Legislative Palace were, in contrast, overflowing with supporters waving Honduran flags and chanting “Yes, we did it!” in front of a heavy military presence that had been guarding the area for days.
After being sworn in as president, Asfura walked down the corridor where the media awaited him and, standing on a small platform, emphatically repeated: “Honduras will be alright.” And he gave another blessing.
Without stopping to speak to the press, the new Honduran president, a construction businessman of Palestinian origin, quickly made his way to another stage, outside, adjacent to the Parliament building, where he was greeted with cheers by the crowd.
Asfura assumed the presidency of Honduras after a complex electoral process marked by political tension, a month-long delay in releasing the official results of the November 30th elections, and a narrow victory over his opponent, Salvador Nasralla, of the also conservative Liberal Party.
The president came to power without the support of the outgoing government, led by Xiomara Castro (the first woman to be president of Honduras), as the leftist Libre Party denounced electoral fraud, which heightened the hostile atmosphere for weeks amidst failed attempts at mobilization and without the support of international observers.
Q COSTARICA — For the third time in less than 15 days, private cosmetic surgery centers are once again at the center of controversy.
The Organismo de Investigación Judicial (OIJ) has opened a new investigation after the confirmation of a third death associated with cosmetic procedures.
The most recent case involves a 43-year-old woman who died after being hospitalized in critical condition at Hospital México.
The patient died on Friday, just 24 hours after undergoing multiple cosmetic procedures at a private clinic in San José.
The procedures performed included an abdominoplasty, liposuction of the arms, and a fat transfer. After experiencing a sudden deterioration in her condition, she was rushed to the hospital, where she ultimately died.
That same day, OIJ agents removed the body and ordered its transfer to the Forensic Medical Institute for the corresponding autopsy.
This latest incident adds to two previous deaths linked to cosmetic surgery.
The first occurred on January 15, when a 48-year-old woman died following a procedure at a clinic in Rohrmoser, in San José. The second case involved a 40-year-old patient, surnamed Torres, who died the previous Monday at Calderón Guardia Hospital after suffering complications from an operation performed on January 10 at a private clinic in the Nunciatura area, also in Rohrmoser.
The College of Physicians and Surgeons urges caution
The deaths of three women in recent days while undergoing cosmetic procedures at clinics in the capital have raised alarms in the health sector and prompted an urgent appeal from the College of Physicians and Surgeons of Costa Rica to the public to be properly informed before making these types of medical decisions.
According to Elliott Garita Jiménez, president of the College, the institution receives an average of two complaints per month related to cosmetic centers, many of them involving the practice of medicine without the required specialization.
“We have an ethical and legal obligation to act immediately when we become aware of a situation where a violation of the Code of Ethics may have occurred as a result of professional practice,” Garita stated.
The official warned of concerns regarding cases in which general practitioners perform procedures specific to Plastic, Reconstructive, and Aesthetic Surgery without the required training or certification, which significantly increases the risks for patients.
Given this situation, the College urged the public to verify the professional’s qualifications before undergoing any cosmetic procedure, information that can be easily confirmed on the official website www.medicos.cr.
In Costa Rica, only 55 physicians are duly certified as specialists in plastic, reconstructive, and aesthetic surgery.
Q COSTARICA — If the patient’s life or health is not at risk, hospitalized patients may be temporarily discharged from public healthcare facilities to vote.
This was established by the Caja Costarricense de Seguro Social (CCSS) through a mechanism that allows for the temporary discharge of hospitalized patients so they can exercise their right to vote this Sunday, February 1st.
The measure was formalized through a directive sent to the medical directors of hospitals, which emphasizes that voting is a constitutional right and that it is the responsibility of the public administration to create the necessary conditions for it to be exercised, even in hospital settings.
The CCSS Medical Manager, Alexander Sánchez Cabo, indicated that temporary discharge will only be possible when the attending physician determines that the discharge does not compromise the patient’s clinical condition or jeopardize their recovery process.
As part of the procedure, each hospital must keep a written record of the decision. The document will include the patient’s explicit statement of intent to vote, the corresponding medical authorization, and a commitment to return to the health center to continue treatment. This documentation must be added to the patient’s medical record.
The guidelines also address exceptional situations.
In cases where there is no medical authorization due to the risk involved in leaving the hospital, but the patient insists on going out to vote, the request must be analyzed individually, according to their health status, and could be classified as a required leave.
Regarding transportation logistics, the CCSS clarifies that travel from the hospital to the polling place and back must be coordinated with family members or people close to the patient, as the CCSS will not assume this responsibility.
Q COSTARICA — 66% of vehicles with license plates ending in 1 have not yet undergone their 2026 vehicular inspection (RTV), a process that must be completed by the end of the month, according to DEKRA, the company in charge of the service in Costa Rica.
Earlier this month, DEKRA reinforced its operational and technological resources to facilitate the timely completion of the inspection, including the availability of same-day appointments at all its stations nationwide, allowing users to access the service without long waits and avoid fines or other legal issues.
Appointment availability applies to both vehicle owners with license plates ending in 1 and 2, as current regulations allow the inspection to be carried out one month in advance.
This option aims to reduce demand and offer greater flexibility to drivers.
Furthermore, those who were unable to complete their vehicle inspection in 2025 and, therefore, do not have a current registration sticker, have the opportunity to regularize their situation and drive legally again.
The appointment scheduling process is online through the DEKRA Costa Rica website, where each user can select the station and time that best suits their availability.
“Vehicle inspection is not only a legal obligation, but also a guarantee of safety for drivers and everyone who travels on the country’s roads,” said Maureen Ramírez, General Manager of DEKRA.
Currently, DEKRA operates 13 physical stations located in Alajuelita, Cartago, Alajuela, Heredia, Santo Domingo, Pérez Zeledón, Puntarenas, Guápiles, San Carlos, Liberia, Nicoya, and Limón, with hours of operation from Monday to Saturday between 6:00 a.m. and 9:00 p.m., except for the Cañas station, which is open from 7:00 a.m. to 7:00 p.m.
Additionally, the company has three mobile stations: currently in Grecia, Ciudad Neily, and in San Marcos de Tarrazú, all open Monday through Saturday.
Q COSTARICA — Journalist Emiliano Chamorro asserted on his social media account that representatives of the United States had delivered a direct warning to Nicaragua’s co-presidents, Daniel Ortega and Rosario Murillo, to relinquish power.
According to Chamorro, as reported by Nicaragua’s digital media, 100% Noticias, the notification was delivered in a “friendly” tone, but with a clear message that their continued rule is no longer sustainable.
“The warning has arrived for the dictators, Daniel Ortega and Rosario Murillo: they must leave power,” Chamorro wrote in his post.
In the same message, Chamorro added that “the Sandinista dictators, Daniel Ortega and Rosario Murillo, have already been amicably notified that they must relinquish power, and if they decide to leave the country they have attacked and even offered to the Chinese, all the better. The warning is real and also a friendly call to heed it peacefully, reminding them that if they don’t, they could suffer the same fate as their partner, the dictator Nicolás Maduro,” the journalist revealed.
“Ortega has apparently said he will die with his boots on; we’ll see what decision the aging dictators of Nicaragua will make,” the post concludes.
A source told 100% Noticias that there were discreet contacts between Nicaraguan officials in the United States: “I have confirmation that there are contacts at a very low diplomatic level, between Foreign Minister Denis Moncada, chargé d’affaires at the Nicaraguan embassy in the US.”
“Daniel Ortega is playing the same old game of elusiveness. He shows signs of yielding, but deep down, he won’t. He wants to make it to November 2026, and Donald Trump is well aware of Ortega’s strategy,” shared the informant from diplomatic circles.
The informant added, “Trump doesn’t want to reach November with the situation in Venezuela still unresolved, because Cuba and Nicaragua are watching that example. The Nicaraguan regime is a prime target for action, even before November.”
“Ortega and Murillo are betting on reaching November, when they expect the balance of power in the (U.S.) Senate to shift and allow them to survive beyond 2026. They could also aim for a soft landing, managing the transition themselves, holding elections in 2027, hoping the storm will subside,” the source shared. See more
According to the informant, the Nicaraguan Army’s top brass is doubtful that a delaying tactic will work: “The army isn’t happy with these games,” the source concluded on 100% Noticias.
US confirms “diplomatic discussions” with the regime
This week, a State Department official consulted by 100% Noticias confirmed “diplomatic discussions” with the regime, which “is not standard practice to comment on.”
The alleged warning from the United States to Ortega comes in the context of the partial release of political prisoners and the demand for “progress” on practices considered harmful by Chargé d’Affaires Elías Baumann, who spoke with Nicaraguan business leaders this week.
“As I’ve learned more about Nicaragua, Nicaraguan and American business owners have shared with me the challenges they face every day. Many of these same concerns were highlighted in the U.S. government’s investigation report on Nicaragua’s trade practices and policies. As announced in December, the Nicaraguan government must show progress in resolving these issues. Innovation flourishes when there is freedom of expression, academic freedom, and independent institutions that allow people to think, create, and dream,” said the U.S. Chargé d’Affaires in Managua.
RICO’s Q — We’re on the verge of the elections! As Costa Rica heads to the polls, the moment has caught the attention of the sizable community of foreigners living in the country.
Among these expats, Americans and Canadians form a significant portion, and their views on the upcoming elections reveal a mix of hope, concern, and curiosity.
For many North Americans who have chosen Costa Rica as their home away from home, the elections offer a window into the country’s evolving political landscape. Many expats feel a personal stake in the outcome, even if they don’t have voting rights.
The general sentiment among these foreign residents is one of cautious optimism mixed with skepticism. On one hand, there’s admiration for Costa Rica’s long-standing democratic tradition and its commitment to stability in a region often marked by political turbulence. On the other, there’s awareness of the challenges ahead: economic pressures, environmental concerns, and the need for social reforms.
Some expats express frustration with the sometimes slow pace of political progress. In the U.S., politics can be messy, but things move fast. Here, it feels like change happens in slow motion.
Social issues also resonate deeply with the expat community. Many are involved in local volunteer work or small businesses that rely on a healthy, educated population.
Interestingly, the 2026 elections have sparked conversations among expats about their own roles as residents. Some discuss the possibility of deeper civic engagement, while others remain observers, respecting the fact that they are guests in a foreign land.
As Costa Rica heads to the polls, the eyes of its American and Canadian residents are watching with a blend of personal interest and respectful distance. Their perspectives add an extra layer to the electoral story, one that speaks to the country’s growing global ties and the shared hopes of all who call Costa Rica home.
Here are the key details about the electoral process in Costa Rica so you don’t miss anything:
Dates and Key Facts
Voting: The election will be held on Sunday, February 1, 2026.
What we’re voting for: Voters will elect the President, two Vice Presidents, and the 57 members of the Legislative Assembly for the 2026-2030 term.
Runoff: If no presidential candidate reaches 40% of the vote, a runoff election will be held on Sunday, April 5, 2026, between the two candidates with the most votes.
Voter Registration: More than 3.7 million people are eligible to vote, including a significant increase in voters abroad.
Participants: There are a total of 25 political parties competing: 20 with national reach and 5 at the provincial level.
Presidential Candidates: You can consult the complete list and their government programs on the official website of the Tribunal Supremo de Elecciones (TSE).
Useful Information
Voting Abroad: Costa Ricans outside the country can also vote at consulates authorized by the TSE.
Polling Place: Voters are assigned their voting station based on their residency information registered with the TSE. Voting takes place in local schools
Debates and Presentations: Official candidate presentations have been taking place this month so that voters can learn about the proposals before going to the polls.
End of political campaigning
During the days leading up to February 1, the country enters a period of reflection where only informational activities such as debates, interviews, and opinion programs are permitted, but not paid advertising or campaign events in public spaces.
Sunday, January 25, 2026, was the last day permitted for political groups to hold mass events or meetings in public squares.
On Thursday, January 29, 2026 (inclusive), is the closure of propaganda and polls, when a total ban on politicking comes into effect. The ban includes prohibiting the dissemination of political propaganda in the media and the publication of polls or opinion surveys.
No consecutive re-election
Remember that neither the current president nor the current members of the legislature can be re-elected consecutively.
Q COSTARICA — In Costa Rica, the right to vote is a fundamental pillar of the democratic system and is expressly protected by the Political Constitution. This right not only represents a citizen’s guarantee but also has direct implications in the workplace, where it must be respected and facilitated by employers.
From a labor law perspective, the regulatory framework establishes clear rules to ensure that workers can exercise their right to vote without obstacles. The Labor Code (Código de Trabajo) recognizes the right to be absent from the workplace for the time necessary to travel to the polling station and cast their vote, a leave that must be granted with full pay.
This obligation applies to both the first and, if any, a possible second round of elections.
“The right to vote is a constitutional right that cannot be limited by the workday. Costa Rican law is clear regarding the employer’s obligation to grant the corresponding leave, without affecting salary or generating disciplinary consequences,” stated Marco Durante, managing partner of BDS Asesores.
Key Rules During Election Day
Within the framework of electoral processes, Costa Rican labor regulations establish a series of practical rules that must be taken into account by both employers and employees. Among the main points to consider are the following:
Employees have the right to be absent from their workplace for the time necessary to vote, leave that must be granted with full pay.
This right applies to both the first round of voting and a possible second round.
The employer cannot sanction, dismiss, reduce salary, or apply disciplinary measures for exercising the right to vote or for serving on polling station boards.
It is prohibited to exert pressure, influence, or coercion on employees regarding their political preferences.
Political or electoral campaigning is not permitted within the workplace during working hours.
The time allotted for voting must be used exclusively for that purpose and may not be extended to activities unrelated to voting.
Likewise, employers must refrain from issuing messages, directives, or actions that could be interpreted as a form of political influence in the workplace.
On this point, Durante added: “Respecting employees’ freedom to choose their preferred political party is an important principle in labor relations. Companies are advised to maintain a neutral stance and ensure a respectful environment, especially during electoral processes.”
For their part, employees also have duties to observe on election day. The proper use of the time allotted for voting and respect for political neutrality within the workplace are fundamental to maintaining harmonious and legally compliant labor relations.
Q COSTARICA — Costa Rica’s economy is projected to maintain a growth trajectory through 2026, albeit at a more moderate pace than that observed in 2025, reflecting the normalization of GDP growth components toward their long-term values.
This is according to the most recent Economic Outlook Report 2026–2027 from the Mercado de Valores Financial Group, which projects GDP growth of 3.6% for 2026, following an estimated 4.2% growth in 2025.
The report indicates that this performance would be supported by continued, albeit more moderate, domestic demand, as well as by private investment that could benefit from less restrictive financial conditions. The entity’s initial projection for 2027 is 3.9%.
“After a year of stronger-than-expected growth, the economy is entering a phase of deceleration, but this is not an abrupt loss of momentum; rather, it is an adjustment toward growth rates consistent with its long-term values,” explained Karol Fernández, Junior Investment Analyst at Grupo Financiero Mercado de Valores.
Regarding prices, the report projects that inflation will remain contained for much of 2026, with a gradual return to positive territory in the second half of the year. However, the indicator is still expected to close 2026 below the Central Bank of Costa Rica’s target, with inflation estimated at around 1.4%, and will not approach the lower end of the BCCR’s target (3% ± 1 percentage point) until the end of 2027. This behavior will be influenced by external factors, such as changes in commodity prices and exchange rate fluctuations.
Regarding the foreign exchange market, the Stock Exchange anticipates that the exchange rate will continue to exhibit episodes of volatility throughout 2026, albeit within narrow ranges. Upward pressures are expected during the third quarter, followed by an appreciation toward the end of the year, in line with seasonal market patterns and the high inflow of foreign currency into the country. Under this scenario, the exchange rate would be in a range close to ¢505 to ¢515 per dollar by the end of 2026.
In the fiscal arena, the report indicates that the debt-to-GDP ratio will remain below 60% during 2026 and 2027, and the economy will operate under a more flexible fiscal rule, which would allow for greater growth in public spending, in a context where tax revenues continue to grow at a rate lower than economic activity.
“The stability achieved in recent years does not eliminate risks. In a year marked by a change of government and the start of the electoral cycle, maintaining fiscal discipline and clarity in economic policy will be fundamental to preserving market confidence,” Fernández added.
The analysis also identifies significant risks to economic performance, including a potential slowdown in exports from the special regime, persistent insecurity, exchange rate volatility, and the social and political tensions inherent in an election year.
International Context Could Have an Impact
Internationally, uncertainty associated with geopolitical conflicts, adjustments in trade policy, and monetary policy decisions in the United States and other advanced economies will continue to influence the global financial environment.
The report indicates that the international economic environment will remain marked by high uncertainty during 2026 and 2027. In the United States, while inflation has shown signs of stabilization, it remains high. Risks associated with trade policy, geopolitical tensions, and labor market trends also persist. In this context, the US Federal Reserve (FED) would maintain a cautious stance, with an interest rate cut only if current fundamentals remain unchanged.
