Carlos Alvarado said the downgrade of Costa Rica’s rating and the negative outlook given by the risk rating firm Moody’s was “unfair and wrong.”
According to the company, the decision is justified in the continuous and projected worsening of the fiscal deficit, in spite of the efforts of fiscal consolidation and the growth in indebtedness.
On Thursday, the president said that this rating did not take into account the efforts made by the government to clean up public finances.
We disagree with the results of this rating agency, because it assess the commitment of the government to the reforms and this administration has been nothing but determined and committed to carrying out the reforms to protect the country. We have a fundamental difference with what has been said, it’s unfair and wrong,”
said Alvarado.
Moody’s arguments to make a downgrade were deemed “unacceptable” by the authorities of the Ministry of Finance and the Central Bank.