In a significant financial development, the International Monetary Fund (IMF) announced on Friday that it plans to give another $510 million to Costa Rica following a successful evaluation mission. This move is a major boost for the national economy of Costa Rica, which the IMF projects will grow by 4% this year.
The funds are to be released pending approval by the IMF Executive Board. A positive review of Costa Rica under the Extended Fund Facility (EFF) will make the first tranche of $270 million available. This facility supports countries experiencing structural economic challenges, and this review marks the completion of its sixth cycle for Costa Rica.
Additionally, Costa Rica is set to receive another $240 million upon the successful implementation of reforms under the Resilience and Sustainability arrangement. This funding is earmarked for enhancing the country’s economic stability and resilience against external shocks, affirming the IMF’s support for Costa Rica’s ongoing economic reforms.
These developments come at a crucial time as Costa Rica continues to implement key economic policies aimed at fiscal discipline and inclusive growth. The expected financial infusion from the IMF is poised to significantly aid these efforts, ensuring that Costa Rica remains on a path to improved economic health.
