Carlos Alvarado calls to take painful measures to face fiscal crisis.

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“We need to maintain economic stability and activate employment, to improve the situation in the country generated by COVID-19. If we do not act, the risk is in high interest rates, in devaluation, in more private and public unemployment and in poverty, which would affect everyone and with particular severity the poorest. That is why we have to act and we have to do it quickly: the delay in this would be very expensive, ”said the president.

Alvarado emphasized that the government has done its homework and has a balanced proposal, enriched with citizen contributions: “We have presented this proposal to the heads of the legislative fraction. And this afternoon it will be made public to the country, before even raising it to the IMF in the negotiations at the beginning of October ”, added the president.

The president points out that he is in a balanced plan, to distribute the burdens, but the wealthiest sectors will be the ones that support the most. Therefore, it reiterates:

  • The Value Added Tax (VAT) will not be increased.
  • Income tax will not affect salaries of less than 800 thousand colones, whether in the public or private sector.
  • There will be no massive layoffs of officials.
  • We will not go on sale of assets beyond what is already publicly committed.
  • We will not touch the free zones, which are key for investment and employment.

“In the search for balance, we have contemplated measures to reduce the weight of social charges to stimulate job creation, to return VAT to the basic basket to the most vulnerable and to pay the equivalent of 6 percent of GDP to the public debt, as the economic team will explain in a press conference and social networks, ”said the president.

“This is a harsh reality, but it is so and we must face it. Just as we have faced the health pandemic, we have to respond to the economic pandemic that it has caused. We need to maintain economic stability and activate employment to improve the situation in the country generated by COVID-19 ”.

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