*Costa Rica’s finance ministry has hailed the decision by international credit ratings agency Moody’s to upgrade the country’s credit rating from B1 to Ba3 with a positive outlook. According to a finance ministry statement announcing the decision, this reflects “growing confidence in the government’s ability to manage debt, supported by robust economic growth and a significant improvement in fiscal indicators”. The statement cites Moody’s as saying that Costa Rica has achieved primary surpluses in recent years which have contributed to reducing the debt-to-GDP ratio, which closed 2023 at 61.1%. It said that this figure could drop to below 60% for 2025 if the government continues achieving its fiscal objectives. The statement cites Moody’s as highlighting the country’s economic growth, which reached 5.1% in 2023, driven by external demand and foreign investment in key sectors such as free zones.
Back
LatinNews Daily - 19 September 2024
In brief: Moody’s upgrades Costa Rica’s credit rating
- VENEZUELA: González disputes validity of statement conceding defeat
- In brief: Venezuelan business lobby slashes private sector growth forecast
- BRAZIL: Central bank makes first rate hike since 2022
- In brief: Brazil’s government seeks to boost tourism sector
- HAITI: Provisional electoral council established
- In brief: Moody’s upgrades Costa Rica’s credit rating
- MEXICO: Lower house approves reform on indigenous rights
- In brief: Mexico’s Aeroméxico seeks to avoid pilot strikes
- ARGENTINA: Government conflict with airline workers deepens
- In brief: Argentina’s GDP contracts in second quarter