Finance Ministry to infuse cash into economy

January 23, 2009

Costa Rica´s Finance Ministry plans to invest about ¢350 million ($636,000) in the market to cushion the effects of the financial crisis.

About 45 percent of the money would be invested in bonds, 35 percent in no-interest bonds and 20 percent in other instruments.

The ministry revealed its plan for the first semester in 2009 on Friday, citing the impact of the current world economic crisis as its main concern.

The finance ministry announced a deficit in production for this year of 2.8 percent due to the deceleration in maintaining social programs, incomes and investment incentives nationwide.

In addition, the economic slowdown in liquidity and credit from numerous state and private banks is another consideration the ministry is trying to deal with.

Projects such as the $850 million transportation infrastructure improvements by Public Works and Transport Ministry and the $72.5 million Limón Port Project are among other plans for 2009.

In other news, the ministry announced it believes inflation this year will be 9 percent.

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