Costa Rica’s new president takes office, vows to tackle debt

Costa Rica’s new president takes office, vows to tackle debt

New Costa Rican President Rodrigo Chaves vowed to keep up with payments to relieve years of mounting debt in his inaugural address on Sunday, the first day of his four-year term.

Chaves previously said he would rework a $1.78 billion financial support package from the International Monetary Fund (IMF) in a bid to consolidate finances in the country with the heaviest debt load in Central America, at 66.5% of gross domestic product, Reuters reported.

“The country is responsible for its debts. We have never failed to pay, we will do what we have to do to honor our obligations,” Chaves said in a speech after being sworn in.

About three quarters of Costa Rica’s $42.62 billion total debt is internal while the rest is external.

 

M.I.

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