Costa Rica proposes reducing salaries of Central American Bank directors
Costa Rica proposed reducing the salaries of directors representing the Central American Bank for Economic Integration (CABEI) by 34%, as part of the financial containment measures due to the COVID-19 pandemic.
The Costa Rican government will present the initiative at the next CABEI General Assembly of Governors, which will be held on September 3, according to a statement from the presidency.
“I have proposed to the presidents of the countries represented in CABEI (…) the reduction of the remuneration that the directors of each country receive from this body,” said the Costa Rican president, Carlos Alvarado.
According to Costa Rica, the salary of CABEI directors is exempt from income tax and social charges, and is “several times higher than that of a Minister of Finance or Secretary of Finance in the area, despite the fact that their responsibilities are substantially smaller.”
The salary for these officials was not disclosed; however, the Costa Rican government said it considers this compensation level to be a “distortion.”
“In a region with so much need and in times of pandemic, we must give a message of austerity in the use of the resources of the Central American people,” added Alvarado.
CABEI, based in Honduras, has as regional partners Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and the Dominican Republic.
Argentina, Colombia, South Korea, Cuba, Spain, Mexico and Taiwan also participate.
You may be interested
Costa Rica expands vaccine eligibility to teenagersThe Tico Times - May 12, 2021
Costa Rica will vaccinate 16- and 17-year-old teenagers with at least one risk factor against Covid-19, the National Commission for…
Buying property in Costa Rica, Part 1: Due diligenceChris Howard - May 12, 2021
Relocation to a new country can be a daunting task. Not doing the correct research can most often mean the…
PAHO warns Covid-19 is far from under control in the AmericasThe Tico Times - May 12, 2021
The Covid-19 pandemic is far from being under control in the Americas despite the reduction in cases in the United…