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The Inter-American Development Bank approved two lines of credit totaling $500 million, resources that will be used by the Government to finance the public budget and policy reforms to ensure fiscal sustainability and maintain macroeconomic stability.
One of the approved lines incorporates contingency measures to increase spending related to the health emergency and targeted support to households and businesses affected by the crisis, informed the Inter-American Development Bank (IDB).
The fire of the Legislative Palace and the capture of more than 30 people, is the balance of the violent demonstrations that took place on November 21 in the capital of the country, after a discontent was generated due to the approval of the National Budget 2021.
During the early morning of November 18, the Congress of the Republic approved the Income and Expenditure Budget of the State, which amounted to approximately $12,815 million.
At the height of the pandemic and economic crisis, the Costa Rican president announced, on a national chain, an economic recovery plan with no clear direction, no assigned leaders and no concrete actions.
In the message broadcast on the night of July 12, President Carlos Alvarado vaguely explained part of the plan to be adopted to overcome the health and economic crisis generated by the spread of covid-19.
The Alvarado administration presented to the Legislative Assembly the draft public budget for 2020, which will be 4.3% lower than 2019, thus representing the largest spending reduction in recent years.
A decrease in current spending, as well as a decrease in public sector institution positions and salaries, allowed the central government budget for 2020 to be lower than this year's, the Assembly reported.
The IDB loan will be used to finance the payment of pensions in general and of the Armed Forces, subsidize electricity, and increase salary scales for police officers and teachers.
The $200 million loan from the Inter-American Development Bank (IDB) has an amortization period of 20 years, a grace period of five and a half years, and an interest rate based on LIBOR, according to the international organization.
So far in the Morales administration, the Guatemalan government has raised $2.4 billion through the issuance of Eurobonds, but the quality with which the funds collected are being executed is questioned.
The last issuance of Eurobonds was on May 23, when the government issued $700 million over 30 years at a 6.12% rate, and $500 million over 10 years at a 4.9% rate.
Guatemala and El Salvador are the Central American economies that have registered the lowest levels of economic growth, when this is associated with the size of their public sector.
Panama, Nicaragua, Honduras and Costa Rica are the countries that would be obtaining exceptional results in their economic growth from the average expenditure of the region during 2011 to 2018, which could be associated with the investment made in past periods, informed the Central American Institute of Fiscal Studies (Icefi).
With the application of the fiscal rule, by 2020 in Costa Rica the growth of current expenditure in the regular budgets of the entities of the Non-Financial Public Sector will not exceed 4.67%.
From the statement of the Ministry of Finance:
March 25, 2019. The Minister of Finance, Rocío Aguilar, reported today that as a result of the application of the fiscal rule, by 2020 the growth of current expenditure in the regular budgets of entities and bodies that are part of the non-financial public sector may not exceed 4.67%.
During last year, the Panamanian state spent $3.925 million in salaries to public officials, 8% more than what was reported in 2017, a rise that is explained by the year on year increases reported in the first months of 2018.
Figures from the General Comptroller of the Republic detail that between 2017 and 2018, spending on salaries for public employees increased $298 million, going from $3.627 million to $3.925 million.
Alvarado administration celebrates the approval of the tax reform in Costa Rica by announcing a series of initiatives that include, among other things, a public employment reform Project.
After a year of proceedings in Congress and after having been reviewed by a Constitutional Chamber, the country's Assembly finally approved file 20.580. By endorsing this project, the government intends to strengthen its public finances through changes made to the taxation system.
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.
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.
The 2019 budget approved by the National Assembly includes almost $9 billion for investments and $2.943 million for debt service.
Panamanian authorities informed that the approved project includes an adjustment of 350 million balboas additional to the budget initially budgeted by the Ministry of Economy and Finance (MEF).
According to a MEF statement, from this total, $8,996 million are for investments, another $11,930 million will be used for the functioning of the State, and $2,943 million for debt service.
The budget presented by the Salvadoran government for next year will be 23% higher than in 2018 and increases to $1.613 million the gap to be financed.
The Salvadoran Foundation for Economic and Social Development (Fusades) reported that the draft National General Budget 2019 (PP2019) totals US$6,733.2 million, an increase of US$1,265.7 million (23.1%) over the voted budget 2018 and is equivalent to 24.9% of the gross domestic product (GDP) 1.
The Panamanian government has spent $2.580 million in salaries for civil servants from January to August this year, 10% more than had been reported in the first eight months of 2017.
According to figures from the Office of the General Comptroller between January and August 2017 and the same period this year, the expenditure on salaries for civil servants increased by $241 million, from $2,339 million to $2,580 million.
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