No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveIMF Delivers Positive News on C.R. Economy

IMF Delivers Positive News on C.R. Economy

Amid the struggles of economic crisis, the International Monetary Fund (IMF) this week delivered positive news, saying that Costa Rica has weathered the brunt of the downturn and the country is expected to see positive economic gains in 2010.

An IMF team visited Costa Rica from Aug. 10-21 to assess the financial and economic status of the country. IMF representatives met with Finance Minister Jenny Phillips, Central Bank President Francisco de Paula Gutiérrez, as well as other government officials and members of the private and academic sector. At the completion of the discussions, Andreas Bauer, the IMF mission chief for Costa Rica, assured the country that economic recovery is expected.

“The Costa Rican economy has withstood the impact of the global economic and financial crisis relatively well,” Bauer said. “The strategy to shield the economy from external shocks through fiscal stimulus and the mobilization of contingent external financing has helped preserve confidence and financial stability and has mitigated the decline of the economy.”

Bauer added that, though gross domestic product (GDP) is expected to see a 1.5 percent decline in 2009, the recent resurgence in economic activity should lead to a 2.3 percent growth in GDP in 2010.

A theme throughout Bauer’s presentation was the sound financial and social responsibility by firms and businesses, praised for their timeliness in the repayment of credit lines and commitment to investing in human and physical capital.

In April, the IMF approved a stand-by arrangement, which was a 15-month agreement that offered Costa Rica access to an as-needed fund of over $730 million. The precautionary fund was offered as support in case of continued economic and financial weakness. Costa Rica has yet to dip into the fund and has met the “quantitative performance criteria and structural benchmarks” of the agreement, according to the IMF.

–Adam Williams

 

Trending Now

Costa Rica Green Hotels Lead Global Sustainable Tourism

Costa Rica’s reputation as a leader in sustainable tourism grows stronger every year, with our green hotels setting a high bar for eco-conscious hospitality...

U.S. – Guatemala Security Pact Targets Crime and Helps Returning Migrants

U.S. Secretary of Homeland Security Kristi Noem signed a border security cooperation agreement with Guatemala on Thursday, which includes the use of drones and...

Costa Rica’s Rare Birds at Risk as Human Activity Threatens Extinction

Costa Rica’s bare-necked umbrellabird, a striking black bird with a red throat pouch and crest, is in trouble. A new study in Nature Ecology...

Costa Rica Pushes USA to the Brink but Falls in Penalty Heartbreak

If you just caught the end of the USA vs. Costa Rica Gold Cup quarterfinal, you probably feel like you need another cup of...

Guatemala Makes History as They Face USA in Gold Cup Semifinal Showdown

Desperate to show progress under Mauricio Pochettino, the United States is looking to secure a return to the CONCACAF Gold Cup final on Wednesday...

Costa Rica to Launch Electric Air Taxis for Sustainable Travel in Guanacaste

Costa Rica is poised to revolutionize its transportation landscape with the introduction of electric air taxis, offering a sustainable alternative to traditional ground travel...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica