españolTourist Marinas: New Law in Costa RicaTuesday, April 6, 2021 President Carlos Alvarado and the Minister of Tourism Gustavo Segura, signed the Law for the Promotion of Tourist Marinas and Coastal Development, a regulation that modernizes the conditions in which the country's marinas operate. The law, signed on April 5, authorizes foreign-flagged vessels and their crews to carry out lucrative activities related to aquatic transportation, recreation and tourism within the waters of the national territory, allowing the hiring of national captains and sailors to carry out these practices, informed the Costa Rican Tourism Institute (ICT). Commercial Real Estate: Outlook and UncertaintyTuesday, March 30, 2021 Because office buildings are empty, stores are open only a few hours, and hotel occupancy rates are considerably low in this health crisis, the outlook for commercial real estate has been clouded and an uncertain future is projected. Containment measures taken over the last year in response to the pandemic have closed stores and offices, and dealt a severe blow to demand for commercial real estate, particularly in the retail, hospitality and office segments, according to an analysis by the International Monetary Fund (IMF). Costa Rica: S&P Confirms Risk RatingFriday, March 26, 2021 The rating agency decided to maintain at "B" the long-term and short-term local and foreign currency sovereign credit rating, with a negative outlook indicating the risk of a downgrade in case the Assembly does not approve an Extended Fund Facility or other policy measures. In the current scenario, covering the government's large financing needs may require resorting to the central bank or other non-conventional financing, highlights the rating agency's analysis. Nicaragua: $115 Million for HospitalsFriday, March 26, 2021 The Central American Bank for Economic Integration approved a line of credit, whose funds will be used by the Nicaraguan government for the construction of six pre-industrialized steel modular hospitals. The initiative is focused on the construction of 6 pre-industrialized and pre-designed modular steel hospitals in five cities of the country, with a 378-bed capacity and their respective equipment, informed the Central American Bank for Economic Integration (CABEI). Medical Supplies: Tariff Benefits ExtendedWednesday, March 24, 2021 In Panama, the Cabinet Council approved the extension for six more months of the decree which, in the context of the pandemic, provides tax benefits for the importation of medical and personal hygiene supplies. The purpose of this policy is to maintain assured for the national population the access to hygiene and personal protection products at competitive prices, in addition to the acquisition of medical supplies necessary to strengthen and meet the medical and sanitary needs of the health sector in the fight against the pandemic that generated the outbreak of Covid-19. Credits: NO to Moratorium ExtensionMonday, March 8, 2021 A few months before the expiration of the law that establishes a moratorium on loans granted by banks, cooperatives and public and private financial institutions in Panama, the banking sector expects that these benefits will not be extended. In October 2020, President Laurentino Cortizo announced that the authorities had decided to extend until June 30, 2021, the validity of the law that establishes a moratorium on loans granted by public and private banks, cooperatives and finance companies. Guatemala: Housing Deficit Still RisingFriday, March 19, 2021 The builders and housing association proposes, as one of the measures to encourage the construction of social housing and help minimize the growing housing deficit, to modify the regulations to lower the costs for the construction of apartment buildings. The problem of the lack of social or low-cost housing is a long-standing one in Guatemala. The lack of access to financing, due to the high degree of informality in which most of the low-income population in the country finds itself, added to the lack of supply of this type of housing, means that this problem, far from being corrected, is growing more and more. Public Limited Companies: Penalties for Late PaymentsWednesday, March 17, 2021 In Panama, the General Revenue Directorate (DGI) announced that it will suspend corporations that for the term of three consecutive years or more, have not made the payment of the single tax. According to the General Revenue Directorate (DGI) of the Ministry of Economy and Finance (MEF), the authorities are currently updating the list of legal entities in arrears for three consecutive years or more in the non-payment of the single tax, pursuant to the provisions of Article 318-A of the Tax Code. Optimism for New Financial Leasing LawTuesday, February 16, 2021 Currently, financial leasing operations in Guatemala amount to $1,290 million, but with the approval of the new legal framework the portfolio could increase in the medium term between $1,677 million and $1,935 million. With 101 votes in favor, the Plenary of the Congress of the Republic approved Decree 2-2021, Leasing Law, which regulates leasing with purchase option in the Guatemalan legislation. The legislative endorsement took place in the first days of February 2021. Guatemala: Endorsement of Financial Leasing RegulationFriday, February 12, 2021 The Congress approved by articles and final wording the Leasing Law, a legal framework that establishes mechanisms for people to lease with option to purchase. With 101 votes in favor, the Plenary of the Congress of the Republic approved Decree 2-2021, Leasing Law, which regulates leasing with option to purchase in the Guatemalan legislation, informed the legislative body. Guatemala: $70 Million for TelecommunicationsThursday, March 11, 2021 The Inter-American Development Bank approved a line of credit, whose funds will be used to finance a program that seeks to increase the country's digital connectivity levels by strengthening institutional and operational capacity. With a $70 million investment, of which $45 million will be financed by the ordinary capital of the Inter-American Development Bank (IDB) and $25 million by the Korean Fund for the Co-financing of Infrastructure Development in Latin America and the Caribbean (KIF), the program will increase the institutional and operational capacity that will allow the development of a digital agenda and improve connectivity, through investment and improvements in the conditions for the adoption of digital infrastructure solutions, according to an official statement. Finance: Optimism for New InstrumentWednesday, February 24, 2021 Negotiable certificates of deposit, a new investment tool that was authorized in El Salvador, generates expectations because it promises to improve the yield of savings and may be processed with no need to register it in an agency. The Standards Committee of the Central Reserve Bank (BCR) authorized on February 2, 2021 the new investment tool called negotiable certificates of deposit (CDN). Costa Rica: IMF Endorses $1.778 Billion LoanTuesday, March 2, 2021 The financial resources that the IMF will lend to the Costa Rican government will be used to mitigate the fiscal crisis, strengthen monetary and financial stability, and boost economic recovery in the context of the pandemic crisis. On March 1, the Executive Board of the International Monetary Fund (IMF) approved Costa Rica's request for an IMF Extended Fund Facility (EFF). Hotels are Looking to Improve their financesThursday, March 11, 2021 As a result of the sanitary crisis caused by the covid-19 outbreak, hotel occupancy in Panama has fallen to historic levels and business income has gone up in smoke, a situation that is forcing hotels to look for options to renegotiate their debts. It is estimated that in this context of economic crisis, Panamanian hotels owe $630 million to financial institutions. Given the unpromising outlook, businessmen of the sector have suggested to the government to support the reactivation of the tourist activity. Debt Market: Plans in Costa RicaMonday, March 1, 2021 In addition to the $1,750 million that the government is seeking to obtain through the loan it is negotiating with the IMF, during the four years between 2022 and 2025 the country plans to place $4,000 million in foreign debt bonds. Currently, the Assembly is discussing the loan file requested to the International Monetary Fund (IMF), which amounts to $1,750 million that will be used to mitigate the fiscal impact caused by the economic crisis resulting from the outbreak of covid-19. |
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Wednesday, April 14, 2021 - last update: 4:29 pm
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