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Public Funds Shaky
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Costa Rican
Public Funds Shaky
Costa Rica registered a deficit of its
public funds to the tune of us$245.2 million
dollars at the close of the first quarter of
2009, a situation that requires extreme
measures, raising the fear of cuts to
public expenditures used for social
programs, particularly in the midst of
growing unemployment and the increase of
prices of basic products.
After a three years in office, president
Oscar Arias began his last year with a
larger poverty index and without fulfilling
his basic promises, such as lessening
malnutrition in preschool children.
The International Labor Organization (ILO)
noted the situation also regarding the
employment market in Central America and the
Dominican Republic, indicating that the rate
of unemployment could reach 8 percent during
2009.
Calculating in national currency, the budget
deficit reached ˘127 billion colones in
April which is due, fundamentally, to the
fall of custom's incomes by 21.4 percent,
reported the Spanish language financial
daily, La Republica, on Friday.
The fall of custom's collections was caused
by a reduction in imports and consequent
decline in income from taxes on merchandise
that reach the country.
"To fill this fiscal hole" the Government
intends taxation, of which there are yet no
details," La Republica reported.
Taxation would only be one of the measures
under scrutiny to boost fiscal income,
indicated the publication.
Days before, the maximum authorities of
Costa Rica acknowledged that the national
economy enters a recessive process after two
consecutive semesters of contractions in the
main productive and services activities.
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