Based on the global crisis and what other world leaders are doing for their countries the short answer is NOT ENOUGH!

President Carlos Alvarado informed of the directive to banks to readjust credits to help companies and the productive sector face the crisis, this will include: bringing down the credit interest rates according to the conditions of each client, extend the term of the credits, extend the payments on the main amounts and interests, and to allow extraordinary payments to the main amount without penalties.

“Considering the sanitary measures that as a country we’ve had to take to battle the strong impact of Covid-19 adjusting credits will be vital for the cash flow of companies and homes that will see their finances impacted due to the national and worldwide situation and to prevent the destruction of employment. We trust we will receive a positive response from the banking sector and we will continue to evaluate more options in response to the needs that come up”, commented Pilar Garrido, coordinator of the Economic Council and Minister of National Planning and Economic Policies.

The International Labour Organization announced today that they expect the destruction of between 5.3 and 25 million employments worldwide.

Costa Rica will feel the worse repercussion in the tourism sector, which is the base of the economy for the country at 7-8% GDP and having between 13-17% of the populations direct and indirect jobs.

The government continues to work on measures to help reduce the repercussions that this will have in different industries and sectors, offering companies options to prevent closures and massive layoffs.

The Ministry of Labor, Geannina Dinarte, has presented a bill in congress that will allow the reduction of the workday to 50% in cases when its needed.

“We want to give employers that are seeing their income reduced the possibility of giving their workers new contracts with less hours and in this way avoid an increase in layoff”, commented Dinarte.

Currently employers can only change the conditions of a contract by firing and rehiring an employee but we all know you cannot draw blood from a stone if things get really bad.