Weekly review

Historical meeting

Dr. Oscar Arias and President Hu Jintao met in Beijing, as part of the first visit ever of a Costa Rican head-of-state to the People’s Republic of China. The Chinese accorded Dr. Arias the highest honors in the welcoming ceremony and in all the other activities arranged to welcome the first of Beijing’s partners in Central America. “China can help us with credit and non-reimbursable cooperation, but most important are technology transfer and direct investment,” Dr. Arias told Costa Rican journalists attending the visit.

Aid and bilateral agreements

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Among other issues discussed by Costa Rican and Chinese officials in Beijing, China announced the donation of $48 million, $20 million to address the damage wrought by recent heavy rains and $28 million to be used in housing for the poor, the revamping of the National Stadium, and the construction of a new road to Ciudad Quesada, in the northern part of the country. The feasibility of a China-Costa Rica free trade agreement, the possibility of establishing a Chinese oil refinery in Costa Rica, the signing of 11 bilateral agreements, and the promotion of Chinese private investment in Costa Rica were part of the agenda, too.

Rains back to normal

While the Government and the National Emergency Commission (NEC) struggle to address the most pressing needs of thousands of Costa Ricans affected by floods that destroyed their homes, and to re-open damaged roads, among other tasks, the weather has gone back to normal for this time of the year, meaning basically sunny mornings and wet afternoons in most of Costa Rica. Regarding aid, the Government of the People’s Republic of China announced a $20 million donation for the victims of recent floods and for the re-construction of damaged infrastructure. By the same token, the U.S. Government has donated $50,000 for the victims of the floods in Guanacaste. The U.S. funds will be used for personal care items and for fuel.

YES win is official now

The outcome of the first referendum in Costa Rican history, in which majority approved the Central America-Dominican Republic-United States Free Trade Agreement (CAFTA), was ratified by the Supreme Electoral Tribunal (TSE in Spanish). The final tally was 51.56 percent for the YES and 48 percent for the NO, TSE chairman Luis Sobrado announced after each ballot was manually counted. The review was witnessed by representatives of the YES and the NO, and they confirmed that claims of annulment of several polling stations were unfounded.

Industrial sector grows

In August, the industrial sector reached six months of continued growth. This shows in the Monthly Index of Economic Activity, an economic indicator published by the Central Bank of Costa Rica. According to analyst Elvia Campos, the trend is mainly explained by an increase of activities within the Free Zone System and by higher demand, both domestically and in neighboring nations.

9.1 percent inflation expected

The average inflation expected for the next 12 months is 9.1 percent, according to the Central Bank of Costa Rica. Since last April, the indicator has been close to 9 percent. In July, August, and September it was 8.8 percent. Economist Felix Delgado explained that the very factors that have recently favored a lower rate of inflation, plus the good performance of economy, prompt consumers to spend more, thus setting pressure on domestic prices and boosting inflation.

Graduation at 88

“Graduating was a debt I had with myself. It is never too late to attain what ones plans for life,” said Elena Nascimento, 88, when receiving her master’s degree in Law at the University of Costa Rica. “Now that I have done it, I wonder why I did not do it before,” she added. The widow to Costa Rican renowned writer Joaquin Gutierrez, Elena will celebrate her 89th birthday next November 30th.