A Fiscal Short Break for Costa Rica

After a long and tense wait, the Constitutional Chamber granted the approval for the Law to Strengthen Public Finances to be voted in Congress with a simple majority.

Monday, November 26, 2018

The Court's judgment prepares the way for the law to advance more quickly in the coming weeks in the Congress. Now legislators will be able to vote their approval in the second debate, ending a long period of uncertainty, which led to a significant depreciation of the Colon against the dollar, a rise in interest rates and a general concern about the economic future in the short term.

Rodrigo Cubero, president of the Central Bank, said to Crhoy.com that "... The judgement of the Constitutional Court represents a firm step towards the final approval of the Law for the Strengthening of Public Finances, which will contribute to re-establishing in the medium term the sustainability of public finances and to strengthening the macroeconomic stability of the country."

On the other hand, the Chamber of Foreign Trade received the judgment with optimism, explaining that the economic reactivation and the containment of public spending should be a fundamental part of the actions to follow.

Read full article (In Spanish).

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