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Costa Rica proposes a 34% reduction in salaries of CABEI directors

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  • The country will present this motion at the next Board of Governors of the regional body to be held on September 3.

The government of Costa Rica will propose to the General Assembly of Governors of the Central American Bank for Economic Integration (CABEI) an adjustment in the remuneration of the members of the Board of Directors of that entity, in order to be congruent with the realities of its member countries and with the current situation of the new coronavirus pandemic.

The Governor of Costa Rica before CABEI, the Minister of Planning and Economic Policy, Pilar Garrido, with instructions from President Carlos Alvarado, will present at the General Assembly of that body, on September 3, a motion to reduce by approximately 34% the remuneration of the directors representing the Bank.

“I have proposed to the presidents of the countries represented in CABEI, following the efforts made since July 2018, the reduction of the remuneration received by the directors of each country in front of this body. The decision will be known next week at a meeting of governors, “said President Alvarado.

The remuneration of a director of CABEI is exempt from paying income tax and social security contributions and is several times higher than that of a Minister of Finance or Secretary of Finance of the area, despite the fact that their responsibilities are substantially less.

The Government of the Republic is certain that these distortions must be corrected, which are a clear risk and incoherence with the principles and purposes of the founding of the Bank. The credibility of this important institution, and its public policies towards the common good, should not be delegitimized by disproportionate remuneration in relation to the selection criteria, the responsibilities of the directors and the socio-economic conditions of the region. “In a region with so much need and in times of pandemic, we must give a message of austerity in the use of the resources of the Central American people,” added the president.

Costa Rica trusts that it will have the support of all governments to approve this motion. Today more than ever the peoples of CABEI’s partner countries require concrete demonstrations that demonstrate clarity in the face of the challenges and challenges imposed by the economic and social recovery as a result of the pandemic.

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