COSTA RICA · POLITICS
Key Facts
- The country Costa Rica is a Central American democracy led by President Laura Fernández since 8 May 2026.
- Why it matters The government’s list holds a US$13.5 billion bond plan, a gold-mine bill and a presidential re-election change.
- What happened The Executive’s list of 112 bills for Assembly sessions opening 1 November 2026 became public on 30 October.
- What it means for you For US bond investors, nothing changes until the Assembly votes; the bond bill needs 38 of 57 votes.
- Still open Whether the governing party can win the 38 votes that bonds and constitutional changes require.
- Power Index Costa Rica ranks 9th of 14 in The Rio Times Latin America Power Index, with 36.5 points (October 2026 edition).
In Plain English
Extraordinary sessions are the periods when the Executive, not the Assembly, decides which bills lawmakers may take up. Pueblo Soberano, known as PPSO, is the governing party of President Laura Fernández.
Eurobonds are bonds that Costa Rica sells to international investors in US dollars. Crucitas is a gold-mining area in Cutris district, San Carlos, where a bill would allow open-pit mining.
Costa Rica’s Legislative Assembly enters extraordinary sessions on 1 November 2026, when the Executive rather than the Assembly sets the agenda, and a government list of 112 bills reported on 30 October includes a plan to sell up to US$13.5 billion of bonds abroad over nine years. The list also carries a constitutional change to allow consecutive presidential re-election and a bill to legalize open-pit gold mining at Crucitas, in the north.
For US readers the bond plan matters most, because dollar bonds sold abroad are the kind of debt US funds buy, and the bill needs 38 of the 57 deputies. The governing Pueblo Soberano party holds 31 seats, so it needs seven opposition votes, and the National Liberation Party, a main opposition caucus, has called the size excessive and said it will not back the plan as proposed.
What Happened
The Executive controls the agenda during extraordinary sessions, which run from 1 November 2026 to 31 January 2027, and the Assembly may not take up matters outside the convocation decree. The reported list of 112 bills includes budget, tax, criminal-law and treaty files as well as the three headline items.
Nogui Acosta, leader of the governing party’s caucus, said on Thursday 29 October that the Executive will focus on bills of government interest and had not asked other caucuses which ones they want. The same day the Assembly closed its ordinary period without voting on any bill.
The Bond Plan
The bond bill, file 25.363, would authorize up to US$13.5 billion of debt in international markets in nine annual tranches of US$1.5 billion between 2026 and 2034. The National Liberation Party (PLN), a main opposition caucus, called the size excessive in July and floated US$6 billion in four tranches of US$1.5 billion from 2027 to 2030 in August.
Acosta defended the plan on Thursday, saying nearly 40% of the budget is financed with debt and that the local market would fall more than ₡1 trillion (US$2.2 billion, at the central bank reference selling rate of roughly ₡455 per US dollar on 29 and 30 October) short. The finance committee’s deadline to report on the bill lapsed on Friday 11 September without an agreement.
Budget, Mining and Re-election
The 2027 budget of ₡12.4 trillion (US$27.3 billion) takes priority and must be approved before 30 November under Article 178 of the Constitution. It cleared the finance committee on 20 October by six Pueblo Soberano votes to five, and floor debate starts on Monday 2 November.
The Crucitas bill, file 24.717, would allow gold exploration and open-pit mining in Cutris district, San Carlos, and several opposition parties oppose it. In the environment committee only 64 amendments had been voted by 19 October, and the committee chair said that at that pace the process could take up to three years.
The re-election change, file 25.867, was filed on Tuesday 27 October by Pueblo Soberano deputies and would let a president serve consecutive terms of up to eight continuous years, followed by a four-year wait. Deputy José Miguel Villalobos said at the filing that it is meant for Rodrigo Chaves, the only former president who could be elected again, and Chaves now serves as Minister of the Presidency and of Finance.
Under Article 195 constitutional amendments need two-thirds of the 57 deputies, or 38 votes, and must pass in two different legislative periods, while Pueblo Soberano has 31 seats. In July the Executive’s liaison with the Assembly, Alejandro Barrantes, said an earlier re-election bill had not been convened because the Executive knew it did not have 38 votes.
What It Means for You
US bond investors should note that nothing is authorized yet, since the bill needs 38 votes and talks over size and term stalled in September. A deal near the US$6 billion floated by the opposition would cut the total by US$7.5 billion while keeping the same annual tranches of US$1.5 billion.
Mining companies and conservation groups will watch the Crucitas file, which still has hundreds of amendments to clear in committee. Travelers and expats face no immediate rule change, since nothing has been voted, which also includes bills on ride-hailing platforms, tax changes and an extradition treaty with South Korea.
Related coverage includes who holds power in Costa Rica in 2026 and the 2027 budget vote in the finance committee. More is on the Costa Rica news page.
What Is Not Known
It is not known whether Pueblo Soberano can win the 38 votes needed for the bond plan or the re-election change, since opposition caucuses have not said they would supply them. The government has also not said which of the 112 bills it will push first after the budget.
No official source had confirmed the list of 112 bills on 30 October, because the convocation decree had not appeared in the official gazette issue of 29 October. Whether the bond plan will be voted before the sessions end on 31 January 2027 is also unclear.
Frequently Asked Questions
What are extraordinary sessions in Costa Rica?
They are the periods when the Executive decides which bills the Legislative Assembly may take up. This year they run from 1 November 2026 to 31 January 2027.
How big is Costa Rica’s proposed eurobond plan?
The bill would authorize up to US$13.5 billion of bonds abroad over nine years, in annual tranches of US$1.5 billion. It needs 38 of 57 votes, and a main opposition party has called the size excessive.
Could Rodrigo Chaves run for president again?
Not in 2030 under today’s rules, which require a wait of eight years after leaving office. A constitutional change filed on 27 October would allow consecutive terms, but it needs 38 votes and two legislative periods.
What is Crucitas?
Crucitas is a gold-mining area in Cutris district, San Carlos, in northern Costa Rica. A bill to allow open-pit mining there is in an Assembly committee, and several opposition parties oppose it.
Sources: Presidency of Costa Rica, news item on the extraordinary-session convocation and Decree 45.787-MP, 12 May 2026; Imprenta Nacional, La Gaceta, issue of 29 October 2026, checked 30 October 2026; Constitution of Costa Rica, Articles 106, 116, 118, 132, 178 and 195, text as hosted by the Constitute Project, accessed 30 October 2026; Central Bank of Costa Rica (BCCR), reference exchange rate, 29 and 30 October 2026.
This article was drafted with automated assistance and reviewed before publication. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief