Tuesday 20 April 2021
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Tag: public spending

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...

For every ¢100 that is collected in taxes, Costa Rica spends ¢ 50 to pay public employees

QCOSTARICA - 50% of the tax revenue collected by the Ministry of Finance is used to pay the salaries of public employees, according to the Organization for Economic Cooperation and Development (OECD). Costa Rica is the country that invests the most money in percentage terms...

Legislators approve elimination of annuities for the next two years

QCOSTARICA - The Legislative Assembly approved this Monday, in a second and final debate, a bill that will eliminate annuities for the next two years for public employees. In favor of the initiative were 39 legislators, while 11 voted against it. The Bill was one of...

Can we all get along?

By Magaly C. Holtz - After I experienced in Los Angeles when I was living there, the riot of 1992, a thought remained on my mind: Could it happen again? And it happened. Protests erupt again across the US following the death of George Floyd...

Costa Rica finances 73% of its public education with indebtedness

The payment of teacher salaries, the operation of the school lunch program, scholarships, improvements in educational infrastructure and the transfers to the public universities in their majority were financed through indebtedness during 2018. A recent report from the Contraloría General de la República (CGR) -...

New Public Employment Law Needed To Reduce Fiscal Deficit

Without a new public employment law, the cost containment measures presented by the Ministra de Hacienda (Minister of Finance) Rocio Aguilar, will not be enough to resolve public finances. Likewise, the business sector insists that the next step is to take measures that change public...

Higher Dollar and Interest Rates Slowed Consumer Spending

The constant instability of the dollar exchange rate and the increase in interest rates, especially in colones, have slowed the growth of consumer spending so far this year. The El Financiero reports, "up to the first quarter of 2016, household spending grew steadily, reaching an...

‘Nobody Wants Costa Rica To Be Another Greece’, President Solis

  President Luis Guillermo Solis shakes off criticism following his Tuesday evening's television address to the nation that Costa Rica is facing a serious liquidity problem. At the Basilica de Los Angeles in Cartago Wednesday morning, after morning mass, President Solis responded with impatience and turned...

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