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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

December 12, 5523

Will Funds From the IMF Spur Costa Rica’s Economy?

The International Monetary Fund is planning to disburse more than half a billion dollars to Costa Rica, whose economy it estimates will grow by 4 percent this year. San José is pictured. // File Photo: Spicypepper999 via Creative Commons.

Q

  • The International Monetary Fund announced on April 12 that it would disburse $510 million to Costa Rica following an IMF evaluation mission. The IMF, which estimates that Costa Rica’s economy will grow by 4 percent this year, said it will make $270 million available to the country with another $240 million to be disbursed if it completes programmed reform measures under the Resilience and Sustainability arrangement with the IMF. How will these new funds from the IMF spur Costa Rica’s economy, and what are the most important ways the government could use them? How important is the Resilience and Sustainability arrangement in terms of national efforts to address climate change, and what are the IMF’s goals in urging reforms in Costa Rica?

A

Pablo Duncan, senior director of CLC Communications and Public Affairs: “The available $270 million, strategically allocated to meet financing needs without crowding out private sector investment, reassures the government’s fiscal responsibility. As a result, businesses will have access to more affordable credit, enabling them to invest in expansion and job creation. Lower interest rates will make it more attractive for households to borrow for consumption and investment, stimulating economic activity. Costa Rica has been at the forefront of promoting environmental and sustainability efforts for decades, and the Resilience and Sustainability Facility (RSF) stands as a recognition of the country’s unwavering commitment to these principles. The additional $240 million attached to the RSF underscores the significance of…”

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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