Monday 27 June 2022

World Bank approves project to modernize Costa Rica’s Finance Ministry

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25 June 2022 - At The Banks - BCCR

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The World Bank Board of Executive Directors approved a US$156.64 million investment project for Costa Rica to improve the efficiency, effectiveness, and client orientation of the tax and customs administrations and public spending management.

The support, called Hacienda Digital (Fiscal Modernization), aims to modernize and digitalize the Ministry of Finance to make tax and customs services and payments easier, reduce tax evasion, improve budget efficiency and debt management, and transform the Ministry of Finance’s institutional culture to place citizens at the center as clients, reports Devdiscourse.

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“Hacienda Digital provides Costa Rica with technical and financial support, under three components –modernization of our tax, customs, and budget administration—as we have an ambitious modernization agenda, which also includes public employment reforms, labor market reforms, simplifying business procedures and harmonizing statistics”, said Rodrigo Chaves, Costa Rica’s Finance Minister.

The project has several components, including improving the quality of budget spending, expenditure management, control of payroll and debt service systems, facilitate revenue collection and reducing tax evasion. The project will support investments in many IT systems, including the interconnectivity and interoperability of government systems.

“Ensuring Costa Rica’s revenues and expenditures are managed as effectively and efficiently as possible will be essential towards allowing the country to use its resources where they are needed most—to reduce poverty. This is particularly relevant now as the country, the region, and the world are facing a global pandemic,” said Oscar Avalle, World Bank Country Manager for Costa Rica.

The investment is financed by the International Bank for Reconstruction and Development, which is a fixed spread loan and has a final maturity of 33.5 years including a grace period of six years.

 

 

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