The next Minister of Agriculture talks about subsidies to "the others" and "unfair competition", but not about the dramatic differences in productivity between Costa Rican rice producers and those "others".
The appointed Minister of Agriculture, Luis Felipe Arauz, has announced that he will review - in order to extend- the deadline set by the outgoing government to liberalize the price of rice. Fixing the price of the grain constitutes an indirect subsidy totaling more than $100 million largely exceeding the limits allowed by the World Trade Organization. Furthermore, it forces consumers to pay prices that are among the highest in the world.
Mortgage inventories, cash flow, contracts, intellectual property, trademarks, among others, can be used as an alternative option to traditional collateral on real estate.
Additionally, the law passed by the Legislature on April 30, also allows for current assets or rights given in contracts, equipment, accounts receivable, chattels, crops, tourist bookings and even future rights to the value of timber to be taken into account.
The extension of the deadline for the implementation of the decree that eliminates the rice price fixing mechanism, represents a transfer of $75 million from the pockets of consumers towards the rice sector.
For years other countries have criticized the pricing of rice in Costa Rica considering it a subsidy and violation of defined limits.
Using a levy on foreign banks the aim is to generate funds of up to $20 million in order to strengthen the Development Banking System.
According to the chief of the Ministry of Economy, Industry and Commerce (MEIC), Mayi Antillon, discussions have been initiated with the Ministry of Finance, to establish the parameters of the instrument. According to the official, the aim is to strengthen the capital of the National Development Trust (Finade), which provides an important share to the System.
The definition of the conditions and requirements for customers will be the responsibility of each entity, as determined in its policies and risk analysis.
The National Council of Financial System Supervision (CONASSIF) approved from Tuesday, 15 to 10 changes to the standard established by the Superintendent of Financial Institutions (SUGEF) under the Regulation for qualifying borrowers with resources granted by the Banking System Development Act 8634, which states: "It is the responsibility of the Board of Directors or equivalent governing body of each financial institution, to approve the policies, processes and controls which will be used to identify, measure and manage the risks associated with credit operations, and resources granted by the Banking System Development Act 8634 ".
The idea that the Central Bank of Costa Rica be a fund manager for the Development Bank has been rejected by its President Rodrigo Bolaños.
An article in Nacion.com notes that the strange idea originated in the office of the second vice president of Costa Rica, Luis Liberman, where it probably passed by the Economy Minister Mayi Antillon, who most likely presented it at the Development Bank Commission of the Legislature.
Maranco Belize offer fast reliable service, modern equipment, competitive rates, 70 year experience worldwide whether your needs are for farming, industrial, private house lots, community projects. We have drilled successful water wells producing fresh...
Panamá Pacífico with thousands of interested visitors to its stand in Expocomer 2010, not only offered the Key Note speech of thursday, but launched the residential phase of this great development on the banks of the Panama Canal