Representatives from the Ministry of Finance confirmed that they are preparing an application to the Legislative Assembly to issue $4 billion in debt securities in the international market.

See: "Public Finances Still Deteriorating"

Nacion.com reports that Rocio Aguilar, Minister of Finance, explained to Bloomberg that " ... the Government has the objective of selling $1 billion of Eurobonds annually over a period of four years. This transcended on Thursday afternoon when the aforementioned news agency published it in a note. "What we are thinking about is an umbrella authorization that covers several years. If we continue to use only the local market, we will continue to put pressure on local interest rates.'" 

"... For international market analyst Douglas Montero, there is an appetite for emissions from Costa Rica in the foreign market. "In the case of Costa Rica, of course there will be appetite, Costa Rica's bonds are still traded, after the downgrades (reductions in ratings), after everyone knows that there is a fiscal deficit, that there are problems, that the reform is not being approved and that it will have to pass through legislative approval'."

For the union of exporters, the announcement by the Ministry of Finance comes at a bad time. In a statement they said: "... From CADEXCO we were concerned to see the announcement made by the Ministry of Finance on Thursday to make a new issue of $4 billion over the next four years. For the export sector this announcement is surprising and worrying because with the sole effect of announcing it, expectations of appreciation of the colon have been generated, negatively affecting the competitiveness of our exports."

"... If this project is approved, we would be faced with an artificial excess supply of dollars that could lead to the colon appreciating, subtracting value from the income of the exporters. We believe that it is not appropriate for a sector that is generating employment and that contributes to Costa Rica's economic growth, to have its performance negatively affected by this type of action."

Source: Nacion.com

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