Central American leaders are calling for a joint credit fund and single currency throughout the region. This idea has been a product of the world financial crash with the aim of maintaining some kind of fiscal stability in Central America.

There are fears that this crisis will prevent foreign investment in Costa Rican and other Central American economies which will further worsen the problem. In an effort to combat this problem, a 41 point economic blueprint has been put together and signed by leaders and representatives in all Central American countries.

Costa Rica in particular is pushing for the common currency in Central America, as well as allowing passport-free travel between the group of nations. The eight leaders have grouped together and have said that it is important to develop “a regional conscience that instills people with a sense of identity and belonging to a united Central American region,” including “perfecting the issue of a Central American passport and the adoption of a single Central American currency.”

It is said that all funds will be put towards a range of areas within the struggling economies of the nations. Areas of financial focus will be in agriculture, infrastructure, commerce and production. Currently it has not been announced where this funding will find its source.

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Filed under: Costa Rica News on December 22nd, 2008