{"id":452,"date":"2024-02-19T13:52:00","date_gmt":"2024-02-19T13:52:00","guid":{"rendered":"https:\/\/ics.cr\/?p=452"},"modified":"2024-09-16T13:53:28","modified_gmt":"2024-09-16T13:53:28","slug":"government-achieves-primary-surplus-for-second-consecutive-year","status":"publish","type":"post","link":"https:\/\/ics.cr\/en\/por-segundo-ano-consecutivo-gobierno-logra-superavit-primario\/","title":{"rendered":"Government achieves primary surplus for the second consecutive year"},"content":{"rendered":"

Last week the Ministry of Finance through a press release informed that public finances in 2023 reached a primary surplus of 1.6% of GDP, for the second consecutive year revenues exceeded non-interest expenditures (primary spending), a result not seen since 2006-2008.<\/p>\n\n\n\n

Due to these results, the country achieved an improved credit rating with a stable outlook from Fitch Ratings, S&P Global Rating and Moody's, which evidences an improvement in the economic outlook following the health crisis experienced by COVID-19.<\/p>\n\n\n\n

Finally, the press release indicates that the Government complied with the fiscal targets set forth in Law No. 10,332, which authorizes the issuance of securities in the international market, and with the primary balance target agreed with the IMF, within the framework of the Extended Fund Facility (EFF), which shows credibility in the country's fiscal policy.<\/p>\n