Breaking News

Tweet TWEET

Costa Rica Will Freeze Government Wages to Contain Deficit

Costa Rica plans to freeze government wages for two years and eliminate tax breaks to utility companies to contain the nation’s budget deficit, Vice President Luis Liberman said.

The measures will lower the country’s $2 billion fiscal deficit, and increase revenue by about 0.9 percent of gross domestic product, according to an e-mailed statement from the Vice President’s office today.

To contact the reporters on this story: Eric Sabo in Panama City at esabo1@bloomberg.net;

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.