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Latin America Investment News on Viva Tropical

Costa Rica Could Issue Bonds Worth $4 Billion

Article Summary:

The Economic Affairs Committee of the Legislative Assembly gave its approval to double the maximum amount of foreign bonds that the Government may sell, going from $2 billion to $4 billion, said Rep. Patricia Perez, president of the commission.

Photo Credit: Nacion

Original Article Text From Nacion via Google Translate :

Government May Sell $ 4,000 million in Bonds

The Economic Affairs Committee of the Legislative Assembly passed a motion to raise $ 2,000 million $ 4,000 million the maximum amount the Government may sell bonds abroad.This was confirmed on Thursday the deputy Patricia Perez, who serves as president of the Commission.

In addition, the maximum annual amount that the Government may issue is $ 1,000 million, to avoid all debt is spent on a single issue.

The motion, which was processed via the Legislative Rule 137, was presented by members of the National Liberation party, Libertarian Movement and Citizen Action.

This is one of the main changes that the initiative has registered with the motions in this way.

The plan is one of the key cards that the government has to address the fiscal situation the Bill without Solidarity Tax, as by selling bonds abroad could raise funds at lower rates and also less interest press within the country.

Another change was the period of emissions, which went “from 5 to 30 years”, as proposed by the Government, “5 years ahead.”

Also included a new section which authorizes the Ministry of Finance to enter into contracts of guarantee, refund, or similar counter.

Perez said he also established that the Ministry of Finance, other than the report due to the placement of the Comptroller General of the Republic, so make UNSCOM to Permanent Income and Expenditures of the Legislature.

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From Nacion

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