MAD-HAV Enjoy Travel Group
Campismo Popular
Agexport
Barceló Solymar
Columbia
Intecap

Costa Rica Requests $1.75 Billion In IMF Financial Assistance

Enjoy Travel Group
Centro Nacional de Cirugía de Mínimo Acceso de Cuba
Nestle
INOR
Walmart Centroamérica
Renace - CMI
Irtra
Los Portales
Instituto Hondureño de Turismo
Cervecería Centroamericana S.A.

Costa Rica’s government said on Saturday it has requested $1.75 billion in financial assistance over three years from the International Monetary Fund as the Central American nation’s economy has been reeling from the coronavirus pandemic.

On July 12, Costa Rican President Carlos Alvarado said his administration would begin negotiations with the IMF to access a financial aid package to help offset the economic blow from COVID-19. Details about the size of the aid package were not disclosed at the time.

In a letter dated Aug. 29 and addressed to IMF Managing Director Kristalina Georgieva, Costa Rica’s central bank president Rodrigo Cubero and finance minister Elian Villegas requested financial aid “in the form of a 3-year arrangement under the Extended Fund Facility,” equivalent to $1.75 billion.

“Despite our proactive policy efforts, the combined impact of the global shock and domestic containment measures on our country’s balance of payments and fiscal account is proving much sharper and protracted than expected, amid a resurgence in COVID-19 cases and a deeper contraction than initially envisaged,” the letter said.

The financial aid aims to offset diminishing government revenue as the 2020 fiscal deficit looks set to exceed 9.0% of the gross domestic product, and the central bank’s debt is seen reaching nearly 70% of GDP, according to the letter.

The central bank forecasts Costa Rica’s economy to contract by 5% in 2020, with only a gradual recovery over the medium term. (https://nationalpost.com/pmn/news-pmn/costa-rica-requests-1-75-billion-in-imf-financial-assistance)

Barceló Solymar
Intecap
Banco GyT
Agexport
Cubasol
Enjoy Travel Group
Irtra
MAD-HAV Enjoy Travel Group

Leave a Reply

Your email address will not be published. Required fields are marked *

Los Portales
INOR
Columbia
Servicios Médicos Cubanos
Nestle
Campismo Popular
Walmart Centroamérica
Scroll to top
Close