health minister, heads the Social Protection Council (Consejo de Seguridad). Solís took office on 8 May 2014, amid festive fanfare. Delegations from more than 80 countries attended his inauguration at La Sabana Metropolitan Park, including Prince Felipe de Borbón of Spain, Evo Morales of Bolivia, Rafael Correa of Ecuador, and the Secretary General of the Organization of American States, José Miguel Insulza. Solís said, in Costa Rican vernacular, that he is taking over a "weed farm" (finca encharralada), pointing out growing income inequality and poverty, as well as a national teachers' strike. Economic issues In 2014, President Solís presented a budget with an increase in spending of 19% for 2015, an increase of 0.5% for 2016 and an increase of 12% for 2017. When the 2017 budget was finally proposed, it totaled US$15.9 billion. Debt payments account for one-third of that amount. Of greater concern is the fact that a full 46% of the budget will require financing, a step that will increase the debt owed to foreign entities. The country's credit rating was reduced by Moody's Investors Service in early 2017 to Ba2 from Ba1, with a negative outlook on the rating. The agency particularly cited the "rising government debt burden and persistently high fiscal deficit, which was 5.2% of GDP in 2016". Moody's was also concerned about the "lack of political consensus to implement measures to reduce the fiscal deficit [which] will result in further pressure on the government's debt ratios". In late July 2017, the Costa Rica Central Bank estimated the budget deficit at 6.1 percent of the country's GDP. A 2017 study by the Organisation for Economic Co-operation and Development warned that reducing the foreign debt must be a very high priority for the government. Other fiscal reforms were also recommended to moderate the budget deficit. Liquidity problems In early August 2017, the President admitted that the country was facing a "liquidity crisis" and promised that a higher VAT tax and higher income tax rates were being considered by his government. Such steps are essential, Solís told the nation, because it was facing difficulties in paying its obligations and guaranteeing the provision of services." "Despite all the public calls and efforts we have made since the start of my administration to contain spending and increase revenues, there is still a gap that we must close with fresh resources," he said. The crisis was occurring in spite