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Budget Approval Sends Green Light to Projects

October 30, 2009

Costa Rica’s Finance Ministry got the good news Tuesday night that lawmakers had approved the national budget for the remainder of the year. Approval of the budget, which exceeds ¢450 billion ($775 million), allows the planned financial obligations and government spending for November and December to proceed without interruption.

“I am thankful that men and women of the Legislative Assembly approved this budget, which allows us to finance the spending obligations for the remainder of the year, as well as various elements and resources needed for different public projects,” said Finance Minister Jenny Phillips.

“In the context of the crisis that we are currently living in, the boost the government can give public spending to the slow economy is fundamental. The importance of this budget – provides a funding to avoid a relapse of the national economy, one that has started to see the first signals of recuperation.”

The approval of the budget will allow government-funded projects to continue as scheduled. Some of the projects that will proceed as planned are the continued development of the Limón port project, as well as the program for the promotion of sustainable agricultural production.

It will also permit the distribution of more than ¢4 billion (almost $7 million) of money donated by China to go toward the Costa Rican Sports and Recreation Institute (ICODER), the downtown Cultural Civic Center of Pérez Zeledón, the San José Municipality for the construction of Chinatown and the artisan’s market, which is being relocated from Plaza de la Democracia to Plaza of Garantías Sociales.

Approval of the budget will require a slight reduction of spending, as almost ¢75 billion (nearly $130 million) will be slashed from expected expenditures. According to the Finance Ministry, some of the decreases in financing are expected to dip into funding for the 2010 Eeection campaigns.

–Adam Williams

 

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