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S&P maintains Costa Rica’s rating but warns of a possible downgrade if loan with the IMF fails

QCOSTARICA - The risk rating agency Standard and Poor's (S&P) confirmed Wednesday, March 25, its long-term sovereign ratings in local and foreign currency of 'B' for Costa Rica, but made it clear that it could lower it if the country does not take corrective...

IMF-Backed Bill Sets Up Clash With Costa Rica’s Powerful Unions

(BLOOMBERG) Costa Rica is trying to rein in one of the world’s highest public sector wage bills, pitting powerful unions against the government and the International Monetary Fund. The government is trying to eliminate hundreds of top ups that it pays employees, but some workers...

Fitch maintains Costa Rica’s risk rating at ‘B’, due to deteriorating public finances

QCOSTARICA - Fitch Ratings affirmed this Tuesday Costa Rica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Negative Outlook. In its report, the rating firm explained Costa Rica's 'B' rating reflects weaknesses in public finances and political gridlock that has prevented timely passage...

Mass Demonstration Expected Friday in Downtown San Jose

QCOSTARICA - Public worker unions from the Education, Health, Judiciary, Transport, and public universities, among others, will join forces this Friday, March 5, in the great concentration that will take place in downtown San José. According to the convocation poster published on social networks, at...

Carlos Alvarado: “No Growth and Poverty Reduction Without Economic Stability”

QCOSTARICA - The International Monetary Fund (IMF) approved a $1.7 billion arrangement to support Costa Rica’s recovery and stabilization from the economic damage caused by the COVID-19 pandemic. IMF Country Focus spoke with Costa Rica’s President, Carlos Alvarado, about building consensus on fiscal efforts, boosting...

IMF sets its clear requirements for Costa Rica

QCOSTARICA - The International Monetary Fund (IMF) finally said yes to the loan for almost US$1.78 billion and to the fiscal adjustment commitment proposed by Costa Rica. This step puts the country on the IMF's radar to ensure that it complies with what has been...

Protests and blockades will be back next Monday

QCOSTARICA - Following several months of calm, the Movimiento Rescate Nacional (National Rescue Movement) announced that they will again take to the streets in protest and with blockaded on February 15, in opposition to the agreement the country has with the International Monetary Fund...

Global income will hit the lowest wage scales the most

Global income will involve more people taxed and at higher rates, according to experts

Moody’s, Fitch and S&P distrust political support for plan with IMF

QCOSTARICA - The international risk rating agencies Moody’s, Fitch Ratings and Standard and Poor’s (S&P) consider that the main threat to Costa Rica solving its fiscal crisis is to obtain political support to approve the agreement with the International Monetary Fund (IMF). The US agencies...

IMF Executive Board Approves US$2.7 billion Precautionary and Liquidity Line for Panama to Address COVID-19 Pandemic

Q24N - The Executive Board of the International Monetary Fund (IMF) approved on Tuesday, January 19, Panama’s request for a two-year arrangement under the Precautionary and Liquidity Line (PLL) USS$2.7 billion, which the authorities intend to treat as precautionary. The PLL will serve as insurance...

IMF loan must be approved in the Assembly no later than the beginning of June

QCOSTARICA - The Legislative Assembly must approve the US$1.75 billion dollar "soft" loan from the International Monetary Fund (IMF) no later than the beginning of June, affirms Manuela Goretti, Head of the IMF Mission. At the Friday press conference, Goretti detailed the procedure to follow...

Government reaches three-year deal with the IMF

QCOSTARICA - The Government of Carlos Alvarado reached a fiscal adjustment agreement with the International Monetary Fund (IMF) on Friday, which will allow the country to access a loan of US$1.75 billion dollars that would be delivered in six semi-annual payments, over three years,...

If the IMF option fails there would be no plan B

QCOSTARICA - On Monday, January 11, the central government began negotiations with the International Monetary Fund (IMF) without a plan B to address the government's financing, despite the fact that at this time there is no guarantee of success. This is even more noticeable if...

Government contradicts itself … Once again!

Government contradictions are astonishing. Legislators question the lack of structural reforms in the proposal to go to the International Monetary Fund - IMF - (FMI in Spanish) as the government bets on more foreign debt and taxes.

Finance Minister rules out VAT increase and tax on bank transactions

QCOSTARICA - The Minister of Finance, Elian Villegas, totally ruled out that the Government is going to propose an increase of one percentage point in Value Added Tax (VAT) - IVA in Spanish -, or the creation of a tax on banking transactions, in...

Government begins negotiations with the IMF this January 11

QCOSTARICA - The Government of Carlos Alvarado announced that the negotiation of a fiscal adjustment and a credit of US$1.75 billion with the International Monetary Fund (IMF) will begin this Monday, January 11. Costa Rican authorities and the IMF will agree on the measures that...

Government evaluates increasing VAT by 1% or taxing bank transactions

QCOSTARICA - The Government of Carlos Alvarado is evaluating increasing the Value Added Tax (VAT) by one percentage point or taxing bank transactions to complete the new income component, by 0.8% of GDP, in the fiscal adjustment proposal that the country will negotiate with...

Economists say the IMF proposal is not enough

For a number of economists, the International Monetary Fund (IMF) - Fondo Monetario Internacional - FMI in Spanish) proposal is not enough.  

Bank of America Securities: Costa Rica seems to need a deep crisis for politicians to act

QCOSTARICA - Costa Rica seems to need a deeper financial crisis for the political dynamics to change and the country to reach an agreement with the International Monetary Fund (IMF), which includes making “difficult decisions” such as reducing public spending or increasing taxes. That is...

Carlos Alvarado: ‘Yes, we are going to go to the IMF’

QCOSTARICA - Can Costa Rica come out from the current economic crisis without the help of the International Monetary Fund (IMF)? President Carlos Alvarado doesn't think so. "Yes, we are going to go to the International Monetary Fund," said the Alvarado, adding that it was first...

Distrust of sectors complicate signing an agreement with the IMF this year

QCOSTARICA - Reaching a structural adjustment agreement with the International Monetary Fund (IMF) this year seems like an impossible mission for President Carlos Alvarado, according to analysts consulted by La Republica. This, regardless of the fact that it is one of the few options the...

Trouble in Paradise: Violence at protests threaten to unhinge IMF agreement in Costa Rica

QCOSTARICA - As the economic toll of the Covid-19 pandemic takes shape around the globe, the Costa Rican government finds itself in an increasingly difficult position trying to balance an exploding budget deficit with groups of protesters who oppose new borrowing or tax increases. On...

Costa Rica is NOT a poor country… it is a country impoverished

QCOSTARICA - Pilar Cisneros, a renowned journalist, who was the face of television news in Costa Rica for many years until 2013, some calling her "the iron lady of Costa Rica", spoke out on the current situation facing the country. Now, an independent journalist, Pilar...

The President hides while chaos overwhelms the country

QCOSTARICA - Costa Rica President, Carlos Alvarado, is being accused of hiding and not give face while chaos and uncertainty take over the country. This is how deputies from different political parties are complaining of the President's inaction to lift the blockades that have obstructed...

Small groups maintain blockades in 95 points of the country

QCOSTARICA - Small groups maintain blockades in 95 points of the national roads according to the report of the Fuerza Publica (National Police), saying a headcount of protesters is 2,476 in different parts of the country, summoned by unions and the so-called “Movimiento Rescate...

Despite president’s message protests and blockades continue this Monday

QCOSTARICA - Despite the message by President Carlos Alvarado Sunday night on the national television network of the withdrawal of IMF proposal, some 2,200 people continue to demonstrate and block at least 50 roads this Monday. Since the early hours of this morning, at least...

Government withdraws IMF proposal and calls for dialogue to balance it

QCOSTARICA - Costa Rica President Carlos Alvarado announced on national television Sunday night that he will go ahead with the initial proposal of the government and that he will withdraw it in order to balance it. The announcement came after five days of protests across...

59 blockades this Sunday: complaints of charging tolls

QCOSTARICA - A total of 59 points throughout the country remained blocked this Sunday, according to reports from the Ministry of Public Security (MSP). In 36 of these areas, protesters prevented the passage of vehicles, meanwhile, there are another 23 points with intermittent closures, that...

A day of “National Protest”

QCOSTARICA - Wednesday, September 30, was a day of national protest in Costa Rica. People took to the streets in many parts of the country, blocking major roads, protesting in front of the Ministry of Finance and Legislative Assembly in downtown San Jose. This was...

Fiscal uncertainty and seasonality influence an increase in the dollar exchange

(QCOSTARICA) The dollar exchange rate has maintained an upward trend for the past two weeks, since September 14, increasing ¢9.11 colones. Between the 14th and the 28th of this month, the average exchange in the Monex market increased reached ¢604.52 on September 28, while the...

Government’s scare tactic!?!!

The government tries to scare with a "campaign of fear" to press for agreement with IMF.

Making the IMF happy!

In this caricature by Crhoy.com, we see President Carlos Alvarado tipping the scales to please the International Monetary Fund (IMF) at the expense of Costa Ricans, to obtain a US$2.25 billion dollar loan to help face the country's current financial crisis.

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