The Costa Rica News (TCRN) – Costa Rica’s Congress unanimously approved a reduction of 42% of the state contribution to the election campaign before the presidential elections next February2014 in order to help reduce the fiscal deficit.
In a unanimous vote, 40 members out of the 57 that make up the Congress approved a temporary article to the electoral law that reduces the state contribution of 0.19% of GDP (about 91 million) to 0.11% (about 52.8 million U.S. dollars).
The reduction applies only to the elections of next February, in which Costa Ricans will elect a new president and 57 members for the period 2014-2018.
On 6 August, the Costa Rican President Laura Chinchilla, urged deputies to approve the debt reduction policy because of the deteriorating finances of the government, whose fiscal deficit is around 5% of annual GDP.
The deputies will vote for the reduction on a second and final debate next Thursday and then will send the text to the Presidency to be signed by the president Laura Chinchilla and to be published in the Official Gazette. EFE
The Costa Rica News (TCRN)
San Jose, Costa Rica
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