Costa Rica Should Increase Taxes

The World Bank recommended the country to increase its taxes, because they are insufficient to cover its high level of public spending.

Wednesday, July 8, 2009

The coordinator at the International Development Bank, Ana Lucía Armijos, indicated that Costa Rica uses 17.3% of its gross domestic product to social spending. After Argentina, Brazil, Chile and Uruguay, it is the country that invest the most in this area.

In its web site, Terra publishes: "However, Armijos remarked that fiscal income in 2008 represented 15.7% of Costa Rica's GDP, a similar figure to the rest of the region, like Honduras, whose income was of 15.6%. For Armijos, in comparison to other countries, 'Costa Rica should increase its fiscal income to pay its social services'".

More on this topic

Costa Rica: Fiscal Figures up to September 2017

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The government's financial deficit rose from 3.4% of GDP in September 2016 to 4% in the same month this year, explained by an increase in the financial cost of debt and an increase in capital expenditure.

From a statement issued by the Ministry of Finance:

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After recognizing the serious liquidity problems faced, the government has announced it will borrow another $1 billion for a hearty lunch that others will pay for tomorrow.

The $1 billion that the Central Bank of Costa Rica (BCCR) has been negotiating since May with the Latin American Reserve Fund (FLAR) to strengthen its reserves will arrive in October of this year, according to the BCCR authorities. 

IMF: Time is running out for Costa Rica

March 2016

The institution is once again emphasizing more efficient public spending and making cuts before a fiscal adjustment comes into force, in a form that is "draconian and with emergency measures".

Making cuts and improving efficiency in public spending is once again the main recommendation of the International Monetary Fund.

More Taxes in Guatemala

August 2009

The Government is requesting approval of a new tax package, for financing increased spending by the State.

The editorial in newspaper "El Periódico de Guetemala", recalls campaign promises by President Colom, of not raising taxes. The government is instead pushing for increases, at a time when tax cuts should be done to fight the economic crisis.

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