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Ministry of Finance asks for deputies to approve $6 billion Eurobonds Project |
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 By
the A.M. Costa Rica staff
The Minister of
Finance, Rocio Aguilar, met with the
deputies of the National Liberation
political party to clarify their doubts
and request support for the bill presented
by the government, known as “Eurobonds
Project: Authorization for the issuance of
securities in the international market and
contracting credit lines”.
The government is requesting that the deputies of the Legislative Assembly provide authorization for the issuance of $6 billion in Eurobonds. This bill requires the approval of at least 38 deputies in Congress. The Eurobonds Bill would allow the government to issue bonds of $1,5 billion per year in the first two years, plus $1 billion per year for following next four years. Minister Aguilar stated 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 Minister Aguilar with all the parties of the Legislature. Minister Aguilar said that the project to issue Eurobonds does not mean more debts for the government, only a 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). |
 A.M. Costa Rica wire services photo $6 billion in Eurobonds bill requires
the approval of at least 38 deputies in
Congress.
Minister Aguilar continued by saying that the main advantage of the renegotiation of debt with Eurobonds is a reduction of 1.15 percent of GDP. In other words, the government could renegotiate part of the current debits at lower interest rates, and reduce the fiscal deficit that way. The minister expects the project to be authorized by the deputies in April. ------------- Should the deputies approve the Eurobonds project? We would like to know your thoughts on this story. Send your comments to: news@amcostarica.com *Link to reach the place. |
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