Costa Rica: IMF Endorses $1.778 Billion LoanThe financial resources that the IMF will lend to the Costa Rican government will be used to mitigate the fiscal crisis, strengthen monetary and financial stability, and boost economic recovery in the context of the pandemic crisis.Tuesday, March 2, 2021
On March 1, the Executive Board of the International Monetary Fund (IMF) approved Costa Rica's request for an IMF Extended Fund Facility (EFF). This is a financial support program for three years, for an amount of approximately $1,778 million, at the current exchange rate, and which supports the policies proposed by the country's authorities to achieve fiscal sustainability, strengthen monetary and financial stability and boost economic recovery in the context of the crisis caused by the pandemic, informed the Central Bank of Costa Rica (BCCR). Fiscal Crisis: Less Spending and More InformationJanuary 2021 Given the agreement reached by the Alvarado administration and the IMF for Costa Rica to access a $1.75 billion loan, the business sector is calling for a reduction in public spending and for detailed information on the scope of the agreement signed by both parties. Costa Rica: $300 Million More Debt to Face the CrisisJuly 2020 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. Costa Rica Keeps Getting into DebtOctober 2019 The Legislative Assembly approved a $35 million loan from the Inter-American Development Bank to "support the country in the implementation of its fiscal reform program.” IMF to Provide Financing to HondurasMay 2019 The entity and the Honduran government agreed to "a combined credit facility of Special Drawing Rights and 24-month Extended Credit Service, for $311 million."
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