Fitch Ratings-New York/London-10 February 2022: Costa Rica’s election results signal macro policy continuity and further fiscal consolidation efforts, but Congressional gridlock will remain an impediment to the timely approval of legislation, including external funding, Fitch Ratings says.
Presidential elections on 6 February saw former President Jose Maria Figueres of the center-left PLN win with 27.3% of the vote. Former Finance Minister Rodrigo Chaves of the newly created centrist PSD party came second with 16.7%. Figueres and Chaves will contest a second-round vote scheduled for 3 April.
Both candidates agree on the need for fiscal consolidation, including complying with targets under the three-year USD1.8 billion IMF Extended Fund Facility (EFF) approved in March 2021, and for business-friendly policies to attract investment and reduce inequality. However, the governing center-left PAC party won less than 1% of the vote in the same day’s Congressional elections, losing all its seats. This may indicate popular fatigue over pandemic restrictions and discontent around pledged fiscal measures under the IMF program, which have yet to be implemented.
This may increase the next administration’s appetite to renegotiate parts of the program. Both presidential candidates support the Public Employment Law, a key EFF structural benchmark that congress has failed to advance so far. But they have mentioned the possibility of modifying the revenue-based measures proposed in the...
As Nigeria prepares for the 2027 general elections, political campaigns and online discussions are expected to intensify across social media and messaging platforms. Alongside legitimate political...