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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.

Banks warn about the proposed temporary tax on financial transactions

The government of Carlos Alvarado is proposing a set of new taxes, that include a temporary tax (4 years) on banking transactions, to obtain a US$2.25 billion dollar loan from the International Monetary Fund (IMF) to meet the current economic crisis caused by the...

Costa Rica at the gates of a tax on banking transactions

(QCOSTARICA) The economic stability proposal that the Government will present to the International Monetary Fund (IMF), to obtain financing of about USs$2.25 billion dollars, contemplates the introduction of four taxes in order to increase the income of the public sector. The first of the new...

Reversing public debt of 80% of GDP would take up to 10 years

(QCOSTARICA) It could take up to 10 years to considerably reduce Costa Rica's public debt, after it takes a gigantic step and reaches 80% of gross domestic product (GDP) by the end of 2021, according to estimates by the Ministry of Finance. Economists Olman Segura,...

IMF: Latin America Will Suffer Worst Economic Crisis in Its History

(QREPORTS) The International Monetary Fund (IMF) has lowered its growth prospects for Latin America and the Caribbean by predicting that economic activity will fall by 9.4% this year due to the impact of the coronavirus pandemic. To help these governments, the IMF approved an additional...

IMF Approves US$504 Million in Emergency Assistance to Costa Rica

The International Monetary Fund (IMF) Executive Board approved Costa Rica’s request for emergency financial assistance of about US$504 million to help the country meet the urgent needs stemming from the COVID-19 pandemic. The funds will provide timely resources to support essential health expenditure and relief...

IMF: Costa Rican Economy Still Underdeveloped

After the slowdown in growth between 2017 and early 2019, the Costa Rica economy has recovered since mid-2019, as a result of a rebound in services, agriculture, and manufacturing, which produced an estimated 2.1% growth in 2019, reported the International Monetary Fund (IMF). "Growth remains...

Colombia is number one in Latin America

When the International Monetary Fund (IMF) ran the rule over Latin America last month, it decided it needed to be far less bullish about growth forecasts for all of the region’s biggest economies — except one. Colombia, the IMF said, was still on track to...

Argentina’s Economy Continues to Spiral Downwards

Poverty in Argentina is currently at 36% from around 26% in 2018. The numbers are alarming, as inflation currently stands at 45% and is expected to increase within this year. The massive International Monetary Fund (IMF) loan came with strict conditions, Argentina is required to...

IMF Recommends Costa Rica Increase Taxes

The International Monetary Fund (IMF) - Fondo Monetario Internacional (FMI) in Spanish - recommends the government of Costa Rica increase taxes.

Venezuela: One of the Worst Cases of Hyperinflation in Human History

Venezuela, the country with the lowest wages in the region and an unprecedented humanitarian crisis, has broken the record for the highest inflation in the Americas, to such an extent that by 2019 hyperinflation will reach the astounding figure of 10,000,000%. This is due,...

Argentina’s Unions Begin National Strikes Against Macri’s Austerity

The Argentine Workers' Central Union, widely known as the CTA organized a 36-hour strike across the country starting Monday, the second strike Argentina has faced within a month. Previously, on Sept.12, public sector employees and employees from educational institutions walked out of their jobs to protest the...

IMF Mission: Fiscal Measures in Costa Rica Are Insufficient, But Necessary

The International Monetary Fund (IMF), during a visit to Costa Rica from June 12 to 15, 2018, warned that although the measures announced by the authorities to confront the fiscal situation are a step in the right direction, a more comprehensive reform strategy would...

IMF says Colombian Economy ‘ At Turning Point’

“The Colombian economy is at a turning point, recovering from a combination of external and domestic shocks since 2014 that lowered growth and increased inflation and the external deficit,” says the concluding statement from the IMF mission following their visit. There are more than 20...

IMF Mission Concludes Visit to Costa Rica: “Unsustainable Fiscal Imbalance”

Q COSTA RICA NEWS - The favourable conditions in the global economy allowed Costa Rica's economy to an expected growth of 4.25% in 2016, but more needs to be done to stabilize public debt levels and key is for the government and legislature to...

IMF: Time Is Running Out For Costa Rica

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

IMF publishes new fiscal transparency assessment for Costa Rica

Costa Rica is approaching best practice in fiscal reporting and forecasting, according to a new report published by the  International Monetary Fund (IMF). The Fiscal Transparency Assessment (FTA) report notes that, following a number of significant reforms in recent years, the country meets the basic...

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