Costa Rica will begin negotiations for a loan from the International Monetary Fund (IMF) during the second week of January, Finance Minister Elian Villegas announced.
The Costa Rican Presidency on Tuesday introduced two new bills and supported six others meant to help the country cut costs in context of a growing financial crisis.
President Carlos Alvarado still intends for Costa Rica to negotiate with the International Monetary Fund (IMF) to address the country's looming financial crisis.
President Alvarado and Corrales agreed that the absence of an agreement will bring dire consequences for the country, with the risk of a higher deficit, devaluation and consequent inflation, more poverty and more unemployment.
The IMF has granted emergency aid to almost 80 countries, 20 of them in Latin America. And Okamoto said it remains ready to support the nations in need.
The Costa Rican Presidency hopes to generate internal support before its planned negotiations for $1.75 billion from the International Monetary Fund (IMF).
