Costa Rica Condones Agriculture Debts

Congress approved a project to condone $13.65 million in debt by small producers.

Wednesday, August 26, 2009

This law waives any debt held with the late Agricultural Trust (Fidagro), and the Productive Reconversion Fund.

Journalist Irene Vizcaíno writes in Nacion.com: "Both trusts were absorbed by the Development Banking System, instituted in April 2008".

More on this topic

Costa Rica: Agricultural Sector Rejects Colombia FTA

March 2012

Agricultural producers have pointed out that the Colombian economy is in direct competition with the Costa Rican one in terms of production, and they see no profit in a trade agreement.

The agricultural and agribusiness sectors of Costa Rica joined the national industrial sector in opposing a possible FTA with Colombia because of its economy’s highly competitive position in relation to Costa Rica.

Costa Rica Will Forgive Agriculture Debts

April 2010

Congress passed a bill to forgive any debts related to two agriculture financing programs: “Fideicomiso Agropecuario” and “Fondo de Reconversión Productiva”.

$5.9 million will be forgiven from the first program and $29.3 million from the second. Only small and medium farmers owing less or equal than $19.600 will be entitled to this benefit.

Costa Rican Congress Halts Debt Condonation

August 2009

A project approved in the first discussion, which condoned $13.5 million in farmer debt, was turned back for further study.

Representatives halted approval of the law in the second discussion, after realizing there were major producers among the beneficiaries.

Aarón Sequeira, from La Prensa Libre, published comments by representative Jorge Méndez: "The solution,... would be to establish a maximum amount to condone".

Government in Honduras forgives $34.5 million coffee sector debt

October 2008

The government forgave the debt on the condition that the organizations transfer that money into a trust.

In other words, producers or exporters that acquired loans will still have to pay them to the organizations with which they are affiliated and these, in turn, will transfer the funds into a trust.

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