Lawmaker Ottón Solís, the founder of the ruling Citizen Action Party (PAC), on Wednesday evening apologized to former President Óscar Arias for a remark he made referencing Adolf Hitler, following Arias’ announcement of a proposal to reduce the country’s fiscal deficit.
Costa Rica’s former two-term President Óscar Arias on Tuesday announced a proposal to reduce the country’s fiscal deficit that included a mix of both direct and indirect taxes.
The ratings agency Moody Investors Services downgraded Costa Rica’s government bond rating to Ba1 from Baa3 with a stable outlook Tuesday. The decision came weeks after President Luis Guillermo Solís presented his government’s budget for 2015 without any substantial proposals to curb the country’s growing deficit.
The bill sent by Finance Minister Helio Fallas includes nine major reforms that would give officials more tools to monitor and tax financial transactions, including a requirement that all businesses accept credit or debit cards as payment.
Business confidence in Costa Rica dropped by 10 percent compared to the same period last year, a survey by the Union of Private-Sector Chambers and Associations said. Confidence dropped in every sector surveyed.
Costa Rica's government will "definitely" lower the forecast for this year's fiscal deficit as the government steps up efforts to fight tax evasion in the Central American country, Vice President Helio Fallas said.
