Central Bank President Sides with Finance Ministry

March 4, 2005

FRANCISCO de Paula Gutiérrez,president of the Central Bank, cast his tie-breakingvote Wednesday in the conflictbetween “the Federicos” – siding withFinance Minister Federico Carrillo againstlegislator Federico Vargas, of the SocialChristian Unity Party, and otherLegislative Assembly members in anargument over the 2005 national budget.Legislators, who redirected ¢86 billion($191 million) away from interest paymentson the debt in revisions to the originalFinance Ministry budget, claim theministry overestimated the amount to bespent on interest payments, and that therewas a “cushion” of at least ¢73 billion($158.7 million).Carrillo denied this. When the conflictturned bitter, President Abel Pachecoasked Gutiérrez, in whom he said he “hasfaith, as in God,” to analyze the issue andpronounce (TT, Feb. 11).This week, Gutiérrez said not onlythat the ministry’s calculations are correct,but also that bank analysts determinedeven more probably should have been setaside for debt interest payments, the dailyLa Nación reported.The assembly will now have to passan extraordinary budget redirecting the¢86 billion to debt payments once again,and evaluate where cuts can be made tosave some of the social programs that willnow lack funds.

Facebook Comments

You may be interested

The Tico Times Weekly Digest: Oct. 15, 2018
Tico Times Weekly Digest
741 views
Tico Times Weekly Digest
741 views

The Tico Times Weekly Digest: Oct. 15, 2018

The Tico Times - October 15, 2018

In this week's episode of the Weekly Digest, a wrap-up of last week's heavy rains, plus more news from around…

Guatemala Fuego eruption is over: officials
Guatemala
801 views
Guatemala
801 views

Guatemala Fuego eruption is over: officials

AFP - October 15, 2018

The most recent eruption of Guatemala's Fuego volcano ended Saturday, an official source said, with locals escaping a repeat of June's…

October in Costa Rica: when the Caribbean comes a’callin’
Pic of the Day
1220 views
Pic of the Day
1220 views

October in Costa Rica: when the Caribbean comes a’callin’

The Tico Times - October 15, 2018

Costa Rica's Caribbean coast is famously exempt from many of the typical weather patterns in the rest of the country.…