Costa Rica Postpones Eurobonds to 2021

Treasury authorities announced that plans for this year are to negotiate with the Legislative Assembly for approval to issue debt in the international market, and if approved, the issuance would take place in 2021.

Thursday, March 5, 2020

Last year the executive branch's plans were to issue $6 billion in Eurobonds, but the Legislative Assembly approved the issuance of only $1.5 billion, arguing that the amount proposed at the beginning was too high.

See "Costa Rica Issues $1.5 Billion in Eurobonds"

The Alvarado administration maintains its hopes of obtaining legislative endorsement and thus capturing the $4.5 billion in financing from the foreign market. According to Treasury Department representatives, the plan is to capture those resources next year.

Rodrigo Chaves, the finance minister, told that "... by 2020 it is not contemplated to capture resources in the international financial markets until next year."

Chaves added that "... We are going to present them, but we are not expecting to get into debt this year with the Eurobonds, what we do need urgently are the budget support loans. We will need them for next year, but they have to be presented this year."

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