Costa Rica: The Finance Minister released new fiscal deficit estimates

CENTRAL AMERICA - Report 04 May 2020 by Francisco de Paula Gutiérrez and Felix Delgado

The April 30 press conference of Minister of Finance Rodrigo Chaves only confirmed what we anticipated in our March and April reports about the seriousness of the fiscal consequences from COVID-19, mounted on long-term fiscal fragility and a lack of willingness to adopt the required measures on time. This year’s fiscal deficit will skyrocket to levels unprecedented since 1981. The combination of higher expenditures to cope with the pandemic and lower revenues from the recession will throw the fiscal deficit into the clouds, demanding fast action for legislative and government measures to reduce the huge impact on public finances.

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