The Costa Rican Presidency has withdrawn 10 law projects in an effort to streamline the path toward a $504 million loan from the International Monetary Fund.
The figure would represent the country's largest fall since Costa Rica's economic crisis of the 1980s. It's a steeper decline than previously forecast and takes into account the ongoing effects of the crisis.
The Costa Rican government predicts a fiscal deficit of up to 9.7% of GDP as a result of falling revenues and expenses related to the COVID-19 pandemic.
The IMF board on Wednesday approved $504 million in emergency financing for Costa Rica to help the Central American nation deal with the economic damage inflicted by the coronavirus pandemic.
