American Expatriate Costa Rica

Legislators endorse budget for ¢ 10.5 billion by 2020

Unanimously, the Committee on Tax Affairs of the Legislative Assembly endorsed the ordinary and extraordinary budget of the Republic for 2020.

Nine legislators affirmatively ruled the spending plan for ¢ 10.5 billion presented by the Executive Power. The budget is 4.3% less than this year’s and represents the biggest cut in current government spending of the last decade. The application of the fiscal rule was key in this reduction.

In addition, debt service amortizations pushed the budget down. The creation of places and salaries also decrease in the budget.

The budget will be financed in 52% with taxes and in 48% with debt.

The bill will now be passed to the Legislative Plenary for discussion and vote in two regulatory debates. The budget must be approved before November 30th.

crhoy.com