Government plans debt payment agreement to the CCSS

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At noon on Friday, July 31, the Executive Branch and the Costa Rican Social Security Fund (CCSS) reached a momentous agreement regarding the payment of the debt, signing the “Framework Agreement between the Executive Branch and the Costa Rican Social Security Fund ”

In this way, the Ministry of Finance will transfer to the CCSS 10% of the budget support credits that are processed thereafter and during 2020, which is estimated to amount to between $ 250 and $ 300 million.

Likewise, in order to have an additional mechanism to cover part of the payment of the State’s debt with Social Security, the Treasury will process a credit for the sum of $ 500 million with the Central American Bank for Economic Integration (CABEI), for financing of medical and hospital infrastructure.

If this payment mechanism becomes part of the State, the CCSS will be able to allocate resources for the attention of the sanitary emergency and at the same time that it can continue with works of great importance to strengthen the provision of health services to users and that also contribute to the economic recovery and the rapid generation of jobs.

On the other hand, the Government of the Republic guarantees all transfers to the CCSS by way of employer contribution and State contribution.

Therefore, the Government of the Republic and the CCSS asked the deputies to support this agreement.

The Ministry of Finance and the Financial Management of the CCSS will continue to work together to reconcile the total amount of the State’s debt with social security within 2 months.

On the other hand, the Executive Power and the Board of Directors of the CCSS will continue working together to elaborate in the course of up to 3 months proposals to increase formality, decent work, independent assurance and expand the taxpayer base, strengthening the financial sustainability of social security.

Lastly, the CCSS guarantees to continue implementing in an accelerated manner the plans for increasing efficiency, effectiveness, quality of service and reasonableness of costs. At this time, the Board of Directors has in its analysis a series of strategic projects in this area. The progress and goals of these projects will be announced at the end of August 2020.

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