The Costa Rican Social Security Fund (CCSS) has invested 64. 189 million colones from its contingency fund for the care of the covid-19 pandemic as of August 21, 2020, informed Karen Nájera Rodríguez, head of the subarea of Budget Formulation and Modifications.
Nájera Rodríguez reported that this represents an execution of 75.5 percent. The institution has an available amount of 20,810 million colones and an extraordinary budget is in process to reinforce this fund by an additional 40 billion.
With these additional funds, said the official, it will be possible to address the strategies and future needs that are being generated, bearing in mind that the Institution declared the emergency situation giving priority to the attention of the pandemic, both in services and in the allocation of financial resources, therefore, if required, the Institution will be in a position to reinforce this fund with more resources.
The CCSS has had a Contingency Fund since 2016 created to ensure the continuity of the provision of health services to the population and to deal with the unpredictability of risks of various kinds.
The Board of Directors approved a reserve for contingencies in session 8855 of July 21, 2016 with the intention of providing the institution with resources for the management of response and recovery operations during and after an event, incident or disaster.
Since 2016, this Fund has been available and has been used to attend to various emergencies such as: floods caused by Hurricane Otto, Hurricane Neith, floods of institutional infrastructure and guarantee the continuity of services in the event of strike movements. The source of financing for these resources comes from surpluses from previous periods and from current income, said Nájera Rodríguez.
“The Board of Directors defined an amount in 2016 that progressively increased and that by 2020 it should reach 45 billion colones,” the official explained.
She added that as a result of the pandemic care needs, it was necessary to reinforce the fund with an additional 40 billion colones that were approved by the Office of the Comptroller General of the Republic.
To this would be added the extraordinary budget that is being processed, with which a total of 125 billion colones is being allocated for this pandemic.
The official indicated that this amount could in the future be reviewed again by the Board of Directors according to the behavior of the pandemic and the requirements for its attention.