LatinNews Daily - 17 November 2022

In brief: IMF approves more funds for Costa Rica

*The International Monetary Fund (IMF) executive board has concluded the third review under the Extended Fund Facility (EFF) for Costa Rica, allowing for an immediate disbursement equivalent to about US$270m. This brings total disbursements under the US$1.78bn EFF, which was agreed in March 2021 under the previous government led by former president Carlos Alvarado (2018-2022), to US$810m. The IMF states that Costa Rican authorities are taking important steps to “strengthen their economic reform programme. Monetary policy needs to continue to proactively respond to shocks. Fiscal consolidation should advance, while strengthening social protection and fostering a more equitable economy.” The IMF is forecasting that Costa Rica’s GDP will expand 4.3% in 2022, down from 7.8% in 2021 while central government debt is forecast to come in at 67.2% of GDP in 2022, down from 68.2% in 2021. Foreign debt is forecast to reach 54.6% in 2022, up from 51.3% in 2021. The IMF announced that its executive board had also approved the first arrangement under the newly established Resilience and Sustainability Facility (RSF) for about US$725m to support Costa Rica’s climate change agenda and catalyse further financing. Costa Rica is the first country to access the RSF.

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