Costa Rica: $300 Million More Debt to Face the Crisis

The Central American Bank for Economic Integration approved a line of credit for the country to reinforce its fiscal sustainability and strengthen its macroeconomic stability, in the context of the economic crisis that arose from the outbreak of covid-19.

Friday, July 24, 2020

In this way, Costa Rica becomes the first nation to receive the maximum amount of $250 million per year available for each country under the Development Policy Operations Program (DPO), reported the international organization.

The statement from the Central American Bank for Economic Integration (CABEI) also explains that it is receiving an additional $50 million to attend to the emergency caused by the pandemic within the framework of the Bank's Regional Program for Support and Preparation for Covid-19 and Economic Reactivation.

Elian Villegas, Minister of Finance of Costa Rica, said that "... in the midst of this pandemic that is also attacking the financial health of Costa Rica, the CABEI credit comes to allow us to maintain the domestic market without excessive pressure, so that the savings of Costa Ricans support the effort of economic recovery that must go hand in hand between the Government and private enterprise, so this is a way to collaborate in this national effort, which is imperative at this time for the country."

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