Not satisfied with the widely repudiated plan of new taxes proposed to access an IMF loan, now the President of the Republic Carlos Alvarado proposes during the 75th Assembly of the United Nations that rich and developed countries finance and use the equivalent of 0.7 % of its GDP to lend to developing countries.
Alvarado and his government have had a history of requesting loans and increasing taxes in order to maintain the levels of public spending in the Costa Rican State. This attitude has earned him the disenchantment and opposition of basically all sectors of the country, from unions, public institutions, private companies and citizens. As well as the denial of other political parties to sponsor his ideas.
Increasingly only in Costa Rica, Alvarado seems to advocate to each and every one of the international organizations and countries within his reach to obtain more budget, this time using the Costa Rican presidency to argue in favor of all the countries considered as in “development” the proposal called FACE (Found to Alliviate Covid19 Economics) assumes that it generates at least 3% of the GDP of developing countries based on loans from rich economies.
Alvarado allows himself to indicate to developed economies how to spend and in what to use their own resources, resorting again to the indebtedness of developing economies. As seen in the video, the FACE could generate $ 500,000 for a repayable fund at 1% interest.