200,000 new bonds available to protect thanks to INS transfer of profits.

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This Thursday, the National Insurance Institute (INS) transferred the ¢ 75 billion authorized by law to the Ministry of Finance, in order to exclusively support the care of people affected by the economic crisis caused by COVID19.

Although a period of one month was established for the transfer of resources, this occurred two days after the publication in Law Gazette of Law No. 9847, approved in the second debate by the Legislative Assembly last Saturday.

This law has a single article that authorizes the transfer, in addition to a single transitory in order for the INS to recapitalize ¢ 75,000,000,000, so as not to financially weaken it in the face of a competing market.

These resources will be used to strengthen the Protect Bond, which provides a subsidy of ¢ 125,000 or ¢ 62,500 for up to three months to people affected by the pandemic. To date, the Ministry of Labor and Social Security and the Mixed Institute of Social Aid (IMAS) have deposited 414,000 Protect Bonds, a figure that will increase by at least 200,000 new beneficiaries.

“As a public, responsible and committed company, we must generate value for society. With this transfer, we donated ¢ 75,000 million on behalf of our clients and the institution, which will be taken directly from INS assets. It is important to bear in mind that, despite giving this amount to Costa Rica, the INS will continue to be the public or private financial company, with the largest assets in all of Costa Rica, ”recalled the executive president of the INS, Elian Villegas.

Tonight during a live broadcast on Facebook, the President of the Republic, Carlos Alvarado, highlighted the importance for the country of the transfer of these funds. “We have reiterated that to face this pandemic it is essential that we all contribute from our means. This is exactly what the INS group is doing, which since the beginning of this emergency has said this, and today is making available to our country an amount of ¢ 75 billion, thanks to the expedited approval by the Legislative Assembly. of the law.”

“I thank again the deputies, the public institutions, the private organizations, the academy and all the other sectors that have shown solidarity with the population most affected by the pandemic. With all these contributions, we will fight more intensely every day to protect Costa Rica and we will succeed, “he added.

From now on, the Ministry of Finance must incorporate these resources in an extraordinary budget to be sent to the Legislative Assembly. Once approved, the Ministry of Labor may immediately dispose of the resources, while IMAS will require the final endorsement of the Comptroller General of the Republic for its execution.

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