Costa Rica: 2014 Budget for $13 billion

The Ministry of Finance has submitted to Congress the budget for next 2014, anticipating a deficit of 6.2%.

Monday, September 2, 2013

The documentation submitted by the chief of Finance, Edgar Ayales, with the breakdown of costs and revenues of the State for 2014, still shows growing figures in the red.

Finance Minister Edgar Ayales stressed the need for tax reforms and a realignment of state finances.

For his part, José Luis Araya, Deputy Finance Minister said there are laws which require investments to be made without specifying the origin of the funds, which affects the ability of the Treasury to meet those obligations.

The Costa Rican Congress has until November 30 to discuss, modify and approve the budget which will be in effect for the next president of the Republic in his or her first year of work.

¿Busca soluciones de inteligencia comercial para su empresa?



More on this topic

Costa Rican State Increases Budget by 19%

September 2014

Facing a serious and growing fiscal deficit, the Solís administration has presented the 2015 spending plan for the central government which is 19% higher than that of 2014.

Even though the fiscal deficit up to July is already located at 3% of GDP, the government has decided to increase the state budget for 2015 by 19%, which added to the 4% increase approved for public wages and 14% increase in the resources paid to state universities, threatens to push up interest rates and further complicate the economic scenario.

Agenda for Discussion of Tax Reform

October 2013

Though means of five rounds of talks Costa Rica's government is attempting to build a social pact that will enable solutions to be found to the plight of the state's finances.

An article in Elfinancierocr.com reviews the topics to be discussed dates of the meetings scheduled by the Ministry of Finance:

$2 Billion Deficit in Costa Rica

December 2012

In November, the balance between government revenues and expenditures showed a deficit equivalent to 4% of GDP.

In November the government deficit amounted to $ 1.82 billion, or 4% of the gross domestic product (GDP), the same level as in 2010. Nevertheless, in 2010 the shortfall was lower, at $ 1.52 billion.

Costa Rica Reduces Investment in Public Works

September 2012

The budget for 2013 submitted by the Government to the Legislature indicates that expenditure on public works will be cut by 13%.

According to the budget for 2013, presented to the Legislature, capital expenditures by the central government will amount to $675 million, 8% less than what was authorized in the 2012 budget. Taking into account the 5% inflation forecast for next year, the actual drop is 13%.

ok