Venegas Nexia

Treasury proposes constitutional amendment

The Ministry of Finance seeks to reform the Constitution to allow the government’s external borrowing to not require the approval of the deputies, arguing that this would allow taking advantage of better financial conditions.

The proposed reform would modify Article 121 of the Constitution to transfer the decision on the approval of budget support loans and the issuance of securities in the international market to the discussion of the Republic’s budget. It currently stands as an obligation of the Legislative Assembly.

Deputies oppose this, arguing that legislative control prevents crises such as the one in 1980, caused by excessive borrowing.

In 2023, Costa Rica’s debt grew by 7.33 percent, a considerably faster pace than economic growth, which is considered dangerous for the economy.

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