The business sector, grouped in the Chamber of Exporters of Costa Rica (CADEXCO), expressed its support for Eurobonds but called for concrete actions by the Executive Power so that there is an effective reactivation of the economy.
According to the exporters, the government is focused on solving for five years its liquidity problem, inherited from a poor management of public finances in the past.
Although this action (the issuance of external debt bonds) benefits the productive sector by reducing the pressure of financing the domestic market and eventually reducing interest rates, it is not enough to achieve economic reactivation, for which we require appropriate actions for the needs of our sector, especially suitable for the growth of the companies grouped in the definitive regime that allow us to increase our performance and international competitiveness,”
said the Chamber in a statement.
The export sector does not think the approval of the bill for placement of Eurobonds for $6,000 million and an annual line of credit for $ 800 million will favor a good environment for the economic reactivation of the productive sector.
Exporters believe that a disproportionate access to external financing could once again lead to funding current spending, postponing the new laws and actions required to continue with the fiscal reform route, especially by cutting public spending.