LatinNews Regional Monitor: Caribbean & Central America - 20 November 2018

* Costa Rica’s finance ministry has announced that it has awarded a contract to two companies, worth US$100m to each company, to place treasury bonds to be carried out between 22 November and 12 December. It also announced that it had awarded a 'best effort' contract worth US$400m which requires the parties to exercise their “best efforts” to perform their contractual obligations. The finance ministry did not specify the amount of bonds in question or disclose the names of the companies. Back in September Rodrigo Cubero, the president of Costa Rica’s Central Bank (BCCR), and the finance minister, Rocío Aguilar, announced that the BCCR would purchase C$498.8bn (US$862m)-worth of treasury bonds, issued by the finance ministry. This was the first time the mechanism has been used since 1994 and is a temporary measure to address the fiscal deficit which closed at 6.2% of GDP in 2017.

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