In brief: Costa Rica’s government unveils 2022 budget proposal

* Costa Rica’s finance ministry has unveiled its proposed budget for 2022 for ¢11.5trn (US$18.5bn), up 1.94% on 2021. According to a finance ministry press release, the initiative envisages that primary spending would represent 16.14% of GDP, down from 16.84% in the 2021 budget. The finance ministry highlights as one of its most important components, debt repayment obligations which represent 43.2% of the whole budget, of which over ¢2.2bn would be used to pay off interest. According to the finance ministry, the 2022 budget proposal is based on a GDP forecast of 3.9% for 2021 and 3.7% for 2022 (following a 4.1% contraction in 2020 as a result of the coronavirus [Covid-19] pandemic).

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