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Central America

Remittances to El Salvador increase

15 May 2012
Newsroom Staff
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They grow 8.9% in first quarter of 2012
 
By Juan Jose Aquino
 
The Central Reserve Bank (BCR) announced today in a statement that the amount of remittances from Salvadorans gathered 1278.3 billion in January-April of this year, 8.9% more than the same period last year. Just last April, remittances totaled 332.2 million dollars.
 
The BCR indicates that the average remittance in the first quarter the year was 319.6 million dollars a month, a number that surpasses by 26.2 million per month to the 293.4 million earned during 2011 in the first four months.
 
The report issued by the Central Bank explained: The behavior of remittances is closely linked to the economic situation in the United States, which has allowed an increase in employment among immigrants. Between January and April of this year, 803,000 jobs were created in the U.S. economy, lowering the overall unemployment by 0.4 percentage points so far this year. Moreover, the Hispanic unemployment has fallen by 0.7 points, reaching 10.3% currently.
 
Official sources say that about 2.5 million Salvadorans are currently residing in the United States. 16% of Salvadoran GDP represents remittances that Salvadoran sent to their relatives in this country.
 

IMF recognizes economic progress in Guatemala

09 May 2012
Newsroom Staff
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By Laura Cruz
 
Guatemala's economic forecasts were considered "favorable" by the International Monetary Fund due to a moderate growth of 3.1% and an inflation decline of 5% by the end of 2012.
 
During the annual review of the Guatemalan economy, the institution adopted the policies proposed by the Government for 2012 and celebrated the positive outlook about this current situation and the economic recovery that Guatemala has shown.
 
The fund said that during 2011, higher energy and food prices had pushed inflation to 6.2%, but cost pressures have been limited to 5% estimated for the end of this year.
 
Guatemalan international reserves are at pleasant levels, but the IMF recommended keeping prudent macroeconomic measures against the problem of global economic uncertainty.
 
The IMF said that the priorities for Guatemala should be: The need to improve governance and transparency in public spending, and strengthening the fiscal framework, especially with the aim of ensuring the sustainability of medium-term bills and allow higher spending levels on social programs, infrastructure and security.
 
During 2011, the policy adjustment also showed good results thanks to the gradual inclination of the government deficit of 3.3% of gross domestic product (GDP) in 2010 to 2.8% and the goal for 2012 is 2.4%.
 
The institution advised the Guatemalan authorities: to increase the effectiveness of monetary policy to anchor inflation, including a more flexible exchange rate.
 

Costa Rican protest against tax plan

01 May 2012
Newsroom Staff
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By Ricardo Montenegro
 
On the occasion of International Day of Work and for the first time in decades, nearly 10 thousand workers marched in the streets of Costa Rica to denounce their rejection of fiscal policy driven by the Government of Laura Chinchilla.
 
Several buses from different parts of the country arrived very early to the city full of demonstrators structured on three different fronts. The main group of protesters transited from Torre Mercedes, on Paseo Colon up to the Social Security Fund (CCSS) under the motto in defense of Social Security.
 
This front consists of health workers, from the public sector and others which structured a human chain around the CCSS headquarters to symbolize that the institution will be advocated for all Costa Ricans.
 
In their speeches, union leaders agreed on the coordination of all the nation  people to safeguard the achievements left by the welfare state in order to ensure health, education and other basic services to the entire population.
 
Another cluster organized for the march was integrated with members of the Rerum Novarum Confederation of Workers, and began to tour with a Mass in La Merced church and moved holding a banner with the slogan March for decent jobs, quality, equity and social security.
 
Finally, the Association of Secondary School Teachers marched from Central Park to the Plaza de la Democracia in disagreement with the tax reform and Plan B with which the Chinchilla administration seeks to alleviate the tax situation temporarily.
 

Approved Savings Fund in Panama

26 April 2012
Newsroom Staff
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By Nicole Mendoza

In order to achieve economic stabilization and encourage saving for future generations, the Cabinet Council of Panama approved the bill proposing the creation of the Panama Savings Fund (PSF).

Fundings for this organization will come from the total assets of the Trust Fund for Development, and assets for future contributions will be purchased from contributions of the Panama Canal, which extended from 2015.

 

The Deputy Director of Investment and Risk Concessions, Ministry of Economy and Finance, Diego Ferrer, said that the formulas to withdraw money from this fund will be in states of emergency declared by the Cabinet as long as the associated cost is equal to or greater than 0.5% of GDP.

Another measure to be used in this fund will be in stages of economic downturn, when the increase in real GDP is 2% or less for three consecutive quarters, and in the repurchase and retirement of sovereign debt.

President of Guatemala receives 82% approval rating from citizens

24 April 2012
Newsroom Staff
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By Maria Jose Carias
 
According to the Survey Company  ProDatos, the mandate of Guatemalan President Otto Pérez Molina received the 82% of citizens’ approval  after 100 days of being elected.
 
The study was conducted between April 11th and 15th to a sample of 1,201people with a margin of error of 2.8% or so. 82% of the citizens said the administration has been good or acceptable, 11% said it was poor and 7% was unsure.
 
Generally speaking most people recognize what has been achieved in public safety and disapprove the decriminalization of drugs proposal. In the survey, people qualify the President and Roxana Baldetti, Vice President as hardworking, trustworthy, honest, and inclined to dialogue.
 
The approval is for the increased presence of military and civil national police on the streets of the country, the Zero Hunger plan is also among those recognized by the population. It was recognized to a lesser extent the gains in education and road infrastructure.
 

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  4. President of Costa Rica insists on tax reform

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