San Jose, May. 9 (Una): New Costa Rican President Rodrigo Chavez pledged to continue payments to ease years of mounting debt in his inaugural address on Sunday, the first day of his four-year term.
Chavez said earlier that he would reformulate a $1.78 billion financial support package from the International Monetary Fund in an effort to consolidate financial conditions in the country with the heaviest debt burden in Central America, at 66.5% of gross domestic product, Reuters reported.
“The state is responsible for its debts,” Chavez said in a speech after he was sworn in. “We have never failed to pay and we will do what we have to do to meet our obligations.”
About three-quarters of Costa Rica’s total debt of $42.62 billion is internal, with the rest external.
Chavez, a former World Bank official who is anti-establishment, won the run-off in April with about 53% of the vote.
Echoing his campaign speeches, Chavez said he would also work to lower the cost of living, fight corruption and build bridges with rival parties that dominate Congress.
MI