In December 2015, the Treasury’s auditor urged authorities to monitor foreign loans. To date, that inspection is incomplete.
According to Melvin Quirós, deputy director of Public Credit, some reccomendations have been implemented, but others haven’t.
The official indicated that from the report, the provisions have been fulfilled and they’ve been able to:
-Consolidate the Department of Coordination and Control of Public Indebtedness in Medium and Long Term with its two functional units.
-Improve the general guidelines directed to the Executing and Coordinating Units of Public Investment Programs and Projects.
-Review and update the guidelines issued by that Directorate.
However, some topics are still pending, and they could be ready by April this year.
In 2016, the Treasury also pointed out that it had been working on a monitoring tool for 2 years to carry out a detailed credit supervision. To date, it still does not have it.
Quirós admitted that there isn’t computer and online tools to facilitate the monitoring of programs or projects financed with external indebtedness.
The official explained that the functional requirements were provided by the Public Credit Department to the Department of Information and Communication Technologies (DTIC) of the Ministry, where the system development cycle is currently underway.