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President Chaves’s of the centrist Partido Progreso Social Democrático support continues to dwindle, as evidenced by the latest April poll by the University of Costa Rica, and we expect this downward trend to persist through the end of his term. His administration’s approval ratings dropped from 63% in November 2024 to 54% in April 2025– still high by regional standards but signalling mounting public dissatisfaction. As we published earlier this month, Chaves has faced a wave of allegations, most recently involving the alleged misappropriation of USD32,000 from the Central American Bank for Economic Integration to benefit a close advisor. While we do not expect mass unrest, public frustration over the administration’s management appears to be intensifying.