LatinNews Daily - 02 September 2022

In brief: Costa Rica’s gov’t presents 2023 budget proposal

* Costa Rica’s finance ministry has presented its proposed 2023 budget proposal for ¢12.3trn (US$19.26bn), up 6.5% on the previous year. Finance Minister Nogui Acosta said that the increase owed principally to servicing the country’s debt and interest payments, and that when this was excluded the increase was just ¢383.9m compared with the 2022 budget proposal. He said that 59.1% of the budget would be financed with taxes and 40.9% with more debt, and that 47% of the proposed budget would go on servicing the country’s debt. The budget proposal is the first by the new right-of-centre Partido Progreso Social Democrático (PPSD) government led by President Rodrigo Chaves, which took office in May, and is based on the premise that Costa Rica’s economy will grow 3.4% in 2022 after posting GDP growth of 7.8% in 2021. The budget proposal now goes to the finance commission before being sent to the 57-member unicameral legislature, which has until 30 November to approve it.

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