Arias Seeks Financing, Scholarships in Qatar

December 12, 2008

As a global financial crisis squeezes Costa Rica’s liquidity and slows development, President Oscar Arias and his counterparts in developing nations called on rich countries for more help.

Officials from more than 160 countries, including about 40 heads of state, discussed aid to developing nations at a United Nations Conference in Qatar late last month.

“It isn’t fair that developing countries are facing a crisis that we did not cause. But it’s even less fair that the nations responsible for this crisis are not helping us,” Arias said.

A global economic downturn, sparked by a U.S. housing market collapse, have led to lower remittances and exports, as well as less access to credit markets in developing countries.

A U.N. report released Monday said world economic growth would slow to 1 percent in 2009, from 2.5 percent this year, and that the global economy might even contract.

“The lack of liquidity in Costa Rica is the biggest (problem) affecting this country,” Presidency Minister Rodrigo Arias said Wednesday.

A Legislative Assembly committee this week approved a measure to transfer a total of $117.5 million to three state banks. The bill, which intends to spur lending and reverse dips in employment, is now under debate on the assembly’s floor.

The Andean Development Corporation, the Inter-American Development Bank, and Latin American Reserve Fund together also recently promised $9.3 billion in liquidity to aid the region’s financial systems.

While in Qatar, Arias met with Emir Sheikh Hamad bin Khalifa al-Thani, the first private meeting between a Costa Rican president and an Arab head of state, according to a Casa Presidencial press release.

The emir’s wife, Sheikha Mozah Bint Nasser al-Missned, invited Costa Rican students to apply for scholarships to study in Qatar, according to the press release.

Qatar is home to “EducationCity,” an enclave of prestigious U.S. university campuses that include Georgetown, Carnegie Mellon, Northwestern, Texas A&M and VirginiaCommonwealth.

–Gillian Gillers

 

You may be interested

Adaptive surfing, part III: Riding the waves with Noah
sports
77 views
sports
77 views

Adaptive surfing, part III: Riding the waves with Noah

Ellen Zoe Golden - May 25, 2018

Part III in a series on adaptive surfing in Costa Rica. Read Part I, about the country's association for disabled…

It’s frog orgy season
Environment and Wildlife
1182 views
Environment and Wildlife
1182 views

It’s frog orgy season

Lindsay Fendt - May 25, 2018

The rainy season is upon us. For many of us that means hiding indoors for the next few months, but for Costa…

Costa Rica’s guilty voters
No Sugar Please
141 views
No Sugar Please
141 views

Costa Rica’s guilty voters

Álvaro Murillo - May 25, 2018

By what I have done, and by what I have left undone. A relative of mine is 70 years old…