Economy & Business - April 2023


COSTA RICA | Costa Rica hails issuance of international bonds. On 27 March, Costa Rica issued US$1.5bn worth of bonds on international markets. Costa Rica’s finance minister, Nogui Acosta, said that Costa Rica received around 300 offers worth a total of US$7.3bn, which he said illustrates the country’s “strength and credibility”. In November 2022 Costa Rica’s 57-member unicameral legislature approved legislation authorising the government to issue up to US$5bn in international bonds over the next three years. International credit ratings agency Fitch pointed out that this was the first approval of bond issuances since 2019. The US$5bn is intended to cover upcoming financial obligations, such as a US$1bn debt repayment due in early 2023, and will be issued in four tranches – US$1.5bn in the first and second halves of 2023, US$1bn in 2024 and US$1bn in 2025.

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