The fiscal deficit is pushing interest rates up, and the Treasury Minister announced a resolution to create a new tax that will generate additional income.
The Pulso Bursátil de Aldesa newsletter analyzes the situation of the deficit in the government’s coffers, which has been seriously affected by the decrease in tax collections and, on the other hand, by the increase in expenditures.
As in Panama, there are hundreds of millions of untapped dollars in loans that were obtained to prevent illiquidity in the Costa Rican banking system.
The government of Costa Rica rejected the loan for $500 million that the Inter-American Development Bank (IADB) had granted at the end of 2008 and for which the approval by the Legislative Assembly had already been obtained.
IDB loans in that amount for road infrastructure have not been implemented and are at risk.
During a visit to Costa Rica, IDB president Luis Alberto Moreno urged the country's legislature to approve the use of funds for roads, ports and airports, indicating that excessive delays could put the loan at risk due to the high demand of resources by other countries.
The first contract for $15 million was signed for the construction of the Customs Office in Peñas Blancas to be inaugurated in late 2009.
The $15 million are part of the trust for $115 million from the Ministry of the Treasury and the National Bank of Costa Rica. The Trust also includes the construction of a Customs Office in Paso Canoas, and Ciudad Hacendaria (Treasury City), an office complex of four hectares that will be located in Calle Blancos."
Costa Rica will make modifications in its legal system to avoid the penalties proposed by the G20 for countries that do not exchange information on taxes.
Finance Minister Guillermo Zúñiga agreed that the issue of transparency in tax matters and the international exchange of tax information, although it was raised for years, was recently priorized due to the recent decision by the G20 to recommend sanctions against countries that do not cooperate in this regard.
In a report in Capitales.com, the purpose is stated thus: "…to compile and disseminate data that may provide a comparative analysis of the fiscal situation." The commentary by the finance minister of Costa Rica, Guillermo Zuniga was also published: "The project is very important for the region because by having quality information that is properly harmonized we can do a fiscal analysis in the midst of the current situation which is crucial for decision making."
It is estimated that it will save 76% in administrative costs and between 5% and 15% in prices.
The finance minister, Guillermo Zúñiga "emphasized the transparency and effectiveness of the system because each of the framework agreements is done through public tenders and because you can choose what you need through an electronic catalog where suppliers and their products have already been analyzed."
To address the economic crisis that affects the region, the World Bank will contribute $3 billion this year.
Diariolasamericas.com publishes in its website: "The Bank will contribute ´$3 billion for Central America´ as part of the contingency aid to address the effects of the crisis in these countries that are so dependent on trade with the United States,´ said Cox."
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