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The government may exchange, consolidate, convert, renegotiate or restructure any of the country's debt still in circulation in the national and international markets, as well as new issues authorized by this law. / A.M. Costa Rica wire services photo

Deputies approve $1.5 billion credit line
in Eurobonds in first debate

By the A.M. Costa Rica staff

The deputies of the Legislative Assembly approved Monday night in the first debate, Bill 21.201, Authorization Issuance of Securities in the International Market and Contracting Lines of Credit.

The project grants an authorization to the government through the Ministry of Finance to issue securities to be placed on the international market within the parameters required by this law to convert domestic debt into external debt or to cancel external debt to improve conditions in terms of term, effective interest rates with respect to the debt that would be paid with these resources.

The amount approved for this placement is up to $1.5 billion, which may also be used in any other currency, during the following year after this law is approved.

To be able to carry out the respective placements the Ministry of Finance must submit to the Legislative Assembly the bills containing the contracts negotiated with the international financial organizations.

"The project opens the opportunity for the government to conduct financial derivative transactions through the direct contracting mechanism, in order to propitiate the balance between the cost and the risk of the government's debt," said lawmakers in its statement.

The Ministry of Finance said that this project known as eurobonds becomes strategic as it provides room for improvement in the risk management of the portfolio by reducing the concentration in short-term securities and fixed-rate, improving exposure to risk.

The government may exchange, consolidate, convert, renegotiate or restructure any of the country's debt still in circulation in the national and international markets, as well as new issues authorized by this law, "as long as it results in a benefit for the country,” said the legislature in its statement.

According to Deputy Luis Ramón Carranza, "today more than ever we are asking for the government economic activation so that resource in some way comes to contribute with the issue of employment and the issue of economic reactivation".

In June, as A.M. Costa Rica reported, Minister of Finance Rocio Aguilar requested deputies reconsider the amount approved for Eurobonds.

The minister had insisted for months that the country should borrow $6 billion to have funds for the coming years, but the deputies decided that the amount should be reviewed and voted upon every year.

Minister Aguilar was clear that it is practically impossible that bonds can be floated in the local market.

In March, the minister met with the deputies of the National Liberation political party to clarify their doubts and request support for the bill presented by the government.

Aguilar said that "the purpose of the Eurobonds is that the country can capitalize on a fiscal reform that took many years and turn it into opportunities with better financing for economic reactivation."

The meeting with the deputies of the National Liberation Party was the last of the meetings held by Aguilar with all the parties of the Legislature.

The minister said that the project to issue Eurobonds does not mean more debts for the government, only to renegotiation of the part of the current debts, "in much better conditions, at rates much lower than what we would be paying here" referring to local bonds market.

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Is this Eurobonds credit line to restructure debt a positive move for the government? We would like to know your thoughts on this story. Send your comments to: news@amcostarica.com

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