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Photo via International Monetary Fund.

International bank approves over $500M loan to Costa Rica

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Published on Tuesday, June 18, 2024
By the A.M. Costa Rica staff

The Executive Board of the International Monetary Fund (IMF) approved a $515 million loan to Costa Rica.

According to the major financial agency of the United Nations, the loan is divided into two programs. 

The first one completed the sixth review of Costa Rica’s economic reform program supported by the IMF’s extended arrangement under the Extended Fund Facility (EFF). This review makes available about $272 million of total disbursements under the arrangement to about $1.6 billion.  That EFF arrangement was approved in 2021 for $1.778 billion.

The second program is related to the third review under Costa Rica’s Resilience and Sustainability Facility (RSF) arrangement. This action makes available about $243 million, bringing total disbursements under this arrangement to about $730 million. This arrangement was approved in 2022.

“The completion of the reviews marks the successful conclusion of an ambitious, multi-year, multi-dimensional reform program, under which the authorities demonstrated strong commitment to a broad-based homegrown reform program that is helping reshape Costa Rica’s economy and advance the climate agenda," Mr. Kenji Okamura, Deputy Managing Director and Acting Chair of the Board. "Growth has remained strong and inflation is rising to the lower end of the central bank’s tolerance range. Formal employment, private-sector wages and poverty are all moving in the right direction."

Statistics from the Ministry of Finance, the country's debt stood at 59.0% of the Gross Domestic Product (GDP), which is equivalent to approximately $49 billion.

In May, the World Bank Group (WBG) Board of Executive Directors approved a new line of credit to Costa Rica, known as "The Costa Rica Country Partnership Framework 2024–2028."

What should the government do to improve the economy and reduce the country's debt?
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