August 1, 2019 |
Costa Rican President Carlos Alvarado marked his first anniversary in office on May 8 by proclaiming that the country’s economy is finally on the mend after a grueling battle to get a fiscal reform package through the National Assembly late last year. It was quite an accomplishment, considering his four predecessors failed to make any economic headway.
But even as reform measures continue to be implemented, a chorus of analysts, economists and investors warn that the package might not be enough to overcome Costa Rica’s fiscal deficit and burgeoning foreign debt. The International Monetary Fund (IMF), while welcoming the reform, described it as a good first step.
Alvarado’s government is now
Many warn more measures are needed to reduce the government’s heavy debt load