Rodrigo Chaves is sworn in as Costa Rica's new president during his inauguration ceremony at the hall of the Legislative Assembly in San Jose, Costa Rica May 8, 2022. REUTERS/Mayela Lopez
New Costa Rican President Rodrigo Chaves vowed to keep up with payments to relieve years of mounting debt in his inaugural address on Sunday, the first day of his four-year term.
Chaves previously said he would rework a $1.78 billion financial support package from the International Monetary Fund (IMF) in a bid to consolidate finances in the country with the heaviest debt load in Central America, at 66.5% of gross domestic product.
Rodrigo Chaves waves with his daughters, Tatiana Chaves, Isabella Chaves, and his wife Signe Zeicate after his swearing-in ceremony as Costa Rica's new President outside the Legislative Assembly building, in San Jose, Costa Rica May 8, 2022. REUTERS/Monica Quesada
"The country is responsible for its debts. We have never failed to pay, we will do what we have to do to honor our obligations," Chaves said in a speech after being sworn in.
About three quarters of Costa Rica's $42.62 billion total debt is internal while the rest is external.
Chaves, an anti-establishment former World Bank official, won a run-off election in April with nearly 53% of the vote.
Costa Rica's new President Rodrigo Chaves walks out with his wife Signe Zeicate after being sworn in during a ceremony at the hall of the Legislative Assembly, in San Jose, Costa Rica May 8, 2022. REUTERS/Mayela Lopez
Echoing his campaign speeches, Chaves said he will also work to reduce the cost of living, fight corruption and build bridges with rival parties that dominate Congress.
(Reporting by Alvaro Murillo, Writing by Daina Beth Solomon; editing by Diane Craft)
Costa Rica's new president Rodrigo Chaves kisses the presidential sash after receiving it during his inauguration ceremony, at the hall of the Legislative Assembly in San Jose, Costa Rica May 8, 2022. REUTERS/Mayela LopezCosta Rica's outgoing President Carlos Alvarado Quesada arrives before the swearing-in ceremony of Costa Rica's new President Rodrigo Chaves, outside the Legislative Assembly building, in San Jose, Costa Rica May 8, 2022. REUTERS/Monica Quesada
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