Costa Rica is set to receive an additional $510 million from the International Monetary Fund (IMF) to support its national economy, which is projected to grow by 4% this year. The funds will be released pending approval by the IMF Executive Board.
The first tranche of $270 million will be made available once Costa Rica receives a positive review under the Extended Fund Facility (EFF). This facility is designed to assist countries facing structural economic challenges, and this review marks the completion of the sixth cycle for Costa Rica. In addition to this, Costa Rica is also set to receive another $240 million upon the successful implementation of reforms under the Resilience and Sustainability arrangement.
These funds are intended to enhance Costa Rica’s economic stability and resilience against external shocks. This demonstrates the IMF’s support for the ongoing economic reforms being implemented in Costa Rica. It is a crucial time for the country as it continues to focus on key economic policies aimed at fiscal discipline and inclusive growth.
The financial infusion from the IMF is expected to significantly aid these efforts, helping Costa Rica remain on a path towards improved economic health. This support comes at a time when Costa Rica is navigating economic challenges and working towards sustainable growth.
