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Published
Monday, March 23, 2020
Government asks for $500 million
loanBy the A.M. Costa Rica staff On Friday, the deputies of the Legislative Assembly approved in the first round of voting, for requesting a loan of $500 million to the Venezuela-based Development Bank of Latin America. The bank is focused on loans for the development of Latin American countries. Founded in 1970 and currently with 18-member countries from Latin America, the Caribbean, and Europe. One of the goals for the loan is to improve the government's finances, as well as being financially prepared to cover expenses that may arise from the emergency caused by COVID-19 in the country, the government said in its statement. Finance Minister Rodrigo Chaves once again thanked the speed with which Congress approved the project in the first debate. "Today, more than ever, the country requires resources to recover the balance of public finances," he said. The approved loan has a term of 18 years. It includes a three-year grace period and a 15-year amortization period. The contract for this loan was signed in May 2019. However, it is expected the deputies approve this loan in the second round of votes this week. Another international bank is offering loans due to coronavirus Covid-19 emergency. Early March as reached countries across the globe, the World Bank announced an initial package of up to $12 billion in loans in immediate support to assist countries coping with the health and economic impacts of the global outbreak. According to the bank, these loans are designed to help member countries take effective action to respond where possible, and lessen the tragic impacts posed by the virus. "Through this new fast track package, the World Bank Group will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies," said the financial organization in its statement. The loans will be globally coordinated to support country-based responses. It will also include policy advice and technical assistance drawing on global expertise and country-level knowledge. “We are working to provide a fast, flexible response based on developing country needs in dealing with the spread of covid-19,” said David Malpass, World Bank Group president. “This includes emergency financing, policy advice, and technical assistance, building on the World Bank Group's existing instruments and expertise to help countries respond to the crisis." The loans will provide grants and low-interest loans for low-income countries and loans for middle-income countries, using all of the bank’s operational instruments with processing accelerated on a fast track basis, said the World Bank. --------------------------- Should the government ask for more loans to finance the expenses caused by the coronavirus covid-19 emergency? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com |
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