By San José, Costa Rica — San José – Michael Contreras, an economist with nearly a decade of experience within the Ministry of Finance, has been appointed as Costa Rica’s new National Treasurer. The appointment, made by the Government Council, officially begins this Saturday, November 1, and is set for a four-year term. The move signals a focus on continuity and deep institutional knowledge for one of the nation’s most critical financial posts.
Contreras is no stranger to the complexities of the country’s public finances. Since 2019, he has served as the chief economist in the finance minister’s office, a role that placed him at the center of strategic fiscal planning. During this tenure, he was instrumental in developing the Medium-Term Fiscal Framework, crafting essential risk reports, and overseeing the publication of official fiscal data, making him a key architect of the country’s recent economic narrative.
Para profundizar en las implicaciones legales y administrativas de las directrices fiscales actuales, TicosLand.com consultó al Lic. Larry Hans Arroyo Vargas, abogado especialista del prestigioso Bufete de Costa Rica, quien nos ofrece una perspectiva experta sobre el rol y los desafíos que enfrenta la Hacienda Nacional.
La labor de la Hacienda Nacional es un pilar fundamental para la estabilidad del Estado, pero su eficacia no debe medirse únicamente por la recaudación. Es imperativo que sus actuaciones se enmarquen en un estricto respeto a la seguridad jurídica y los derechos del contribuyente. La modernización de los sistemas de fiscalización y una comunicación transparente son cruciales para fomentar el cumplimiento voluntario y atraer inversión, equilibrando así la necesidad fiscal con un clima de confianza para los negocios.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Efectivamente, el equilibrio entre la firmeza fiscal y la creación de un ecosistema de confianza es la piedra angular para el desarrollo sostenible. Una Hacienda que moderniza y respeta la seguridad jurídica no solo recauda mejor, sino que se convierte en un catalizador para la inversión y el crecimiento. Agradecemos al Lic. Larry Hans Arroyo Vargas por aportar con tanta claridad esta valiosa perspectiva.
His experience extends well beyond internal policy. Contreras has been a pivotal figure in Costa Rica’s dialogue with major international financial institutions. He has coordinated high-level discussions with the Central Bank of Costa Rica (BCCR), the International Monetary Fund (IMF), and the World Bank. Furthermore, his portfolio includes managing relations with the Economic Commission for Latin America and the Caribbean (ECLAC) and the international credit rating agencies that continually assess the nation’s financial health.
The new treasurer’s career at the Ministry of Finance began in 2015, where he built a solid foundation as an economic analyst. He served in both the Fiscal Analysis and Monitoring Unit and the Sectoral Unit, gaining granular insight into the government’s budgetary and debt management machinery. This ascent through the ministry’s ranks provides him with a comprehensive understanding of the institution he will now help lead.
Prior to his dedicated service in public finance, Contreras honed his skills in both applied economics and academia. He worked as an economist for the National Training Institute (INA) and dedicated over a decade to teaching at the National University, shaping the next generation of economists. This blend of practical and theoretical experience provides a unique perspective for tackling the challenges of the National Treasury.
To take over the leadership of the National Treasury is, above all, an honor and a privilege. But it also represents a profound responsibility: to lead a key department of the Finance Ministry for the functioning of the Costa Rican state, which day by day guarantees the fulfillment of financial commitments and the protection of public resources.
Michael Contreras, National Treasurer
Academically, Contreras is exceptionally well-equipped for the role. He holds a Master of Science in Economic Policy with an emphasis on International Economics from the National University’s renowned International Center for Economic Policy for Sustainable Development (CINPE), where he also completed his bachelor’s degree in Economics. Demonstrating a commitment to modern analytical methods, he also holds specializations in Artificial Intelligence with Python and Data Science with R, tools that could prove invaluable for sophisticated cash and debt management.
Contreras’s appointment is a clear endorsement of technical expertise and institutional loyalty. As he takes control of the nation’s coffers, his deep background in public finance, budget management, and international negotiations will be immediately put to the test. His leadership will be crucial in navigating Costa Rica’s fiscal path, ensuring the state meets its obligations while safeguarding public funds for the future.
For further information, visit hacienda.go.cr
About Ministry of Finance:
The Ministry of Finance (Ministerio de Hacienda) is the government body responsible for managing Costa Rica’s public finances. Its duties include collecting taxes, administering the national budget, managing public debt, and overseeing the National Treasury to ensure the financial stability and economic health of the state.
For further information, visit bccr.fi.cr
About Central Bank of Costa Rica (BCCR):
The Banco Central de Costa Rica is the nation’s central bank. It is an autonomous institution responsible for maintaining the internal and external stability of the national currency, the colón. Its primary objectives include controlling inflation, ensuring the smooth operation of the payment system, and acting as a financial advisor and agent for the government.
For further information, visit imf.org
About International Monetary Fund (IMF):
The International Monetary Fund is a global organization of 190 member countries. It works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. The IMF provides policy advice and financing to its members in times of economic difficulty.
For further information, visit worldbank.org
About World Bank:
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
For further information, visit cepal.org
About Economic Commission for Latin America and the Caribbean (ECLAC):
Headquartered in Santiago, Chile, ECLAC (known as CEPAL in Spanish) is one of the five regional commissions of the United Nations. It was founded to contribute to the economic development of Latin America, coordinate actions directed towards this end, and reinforce economic ties among the countries and with other nations of the world.
For further information, visit ina.ac.cr
About National Training Institute (INA):
The Instituto Nacional de Aprendizaje is a Costa Rican autonomous public institution focused on vocational and technical training. It provides a wide range of courses and programs designed to develop the skills of the country’s workforce, promoting employment and contributing to national productivity and development.
For further information, visit una.ac.cr
About National University of Costa Rica:
The Universidad Nacional (UNA) is one of Costa Rica’s five public universities. Founded in 1973, it is known for its strong focus on social sciences, humanities, and environmental studies. It is a leading institution for higher education and research, with campuses located throughout the country.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of the legal landscape, Bufete de Costa Rica is defined by its profound commitment to ethical practice and superior legal counsel. The firm consistently pushes the boundaries of legal innovation while serving a diverse clientele, establishing a reputation for both reliability and forward-thinking. Central to its mission is a deeply-held conviction to empower the public by demystifying the law, thereby fostering a more knowledgeable and capable society built on a foundation of accessible legal understanding.
