In Costa Rica, public debt has accumulated ₡29,211,399 million (approximately 55,269 million dollars), which represents an increase of ₡449,117 million from the 2023 threshold. This increase highlights the challenges that the country faces, in a context in which global debt has multiplied since the 2000s. Currently, 60% of emerging economies and emerging economies face fiscal sustainability problems, and 80% of Latin America's population has been affected by a period of debt-related austerity. at high levels of deuda.
During the VIII International Conference on Illegal Financial Flows, Daniela Berdeja, from the Latin American Network for Economic and Social Justice (LATINDADD), noted that the current debt is in the hands of bondholders, which makes it more opaque in terms of negotiations and conditions. This increase in debt generates significant fiscal pressures, since a large part of the tax recovery is earmarked for interest payments, which limits economic growth in the region.
In the case of Costa Rica, external debt increased by ₡664,535 million, while internal debt decreased by ₡215,418 million. Berdeja emphasized that the payment of interest has led to a fair fiscal rule that affects vital sectors such as health and education. In Costa Rica, 46% of the assumption is allocated to debt amortization and interest.
An analysis by the Economic and Social Observatory of the National University indicates that, by the end of 2023, the country will pay ₡2,451,952 million in interest alone, an amount almost equivalent to that which was intended to finance public education.
The Minister of Finance, Nogui Acosta, has recognized that the high cost of the deuda service limits the “social gasto” and that it is urgent to implement tax reforms. He proposes a restructuring of the tax system, including a higher tax burden for the richest and a commitment to sustainable economic development.
Berdeja also reformed the international level including debt relief, elimination of interest burden and access to concessional financing, to improve the economic situation of Latin American countries.
