Costa Rica is set to receive a significant financial boost from the International Monetary Fund (IMF) following a successful evaluation mission. The IMF has announced plans to provide an additional $510 million in funding, with the first tranche of $270 million set to be released pending approval by the IMF Executive Board.
This news is a positive development for Costa Rica’s national economy, with the IMF projecting a growth rate of 4% this year. The country has been working on key economic policies focused on fiscal discipline and inclusive growth, and the financial support from the IMF is expected to significantly assist these efforts.
Costa Rica has completed six cycles under the Extended Fund Facility (EFF), which provides support for countries facing structural economic challenges. Under this facility, Costa Rica will receive an additional $240 million upon successful implementation of reforms aimed at enhancing economic stability and resilience against external shocks.
These developments highlight the IMF’s commitment to supporting Costa Rica’s economic reforms and its progress towards improved economic health. The funding will also help Costa Rica maintain its progress towards achieving key policy objectives, such as reducing its fiscal deficit and promoting sustainable growth.
