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Costa Rica receives IMF mission

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This Wednesday and Thursday the government authorities will receive a digital mission from the International Monetary Fund (IMF) to discuss the measures that the country has taken to pay attention to COVID-19 and assess the possibility of access to financing.

As government representatives, the finance ministers, Rodrigo Chaves, and the National Planning and Economic Policy, Pilar Garrido, and the president of the Central Bank of Costa Rica, Rodrigo Cubero, will participate.

The hierarchs will share the roadmap for the attention of the emergency that the Government has implemented on three fronts: the sanitary, the fiscal and the socioeconomic, in parallel with actions to maintain fiscal responsibility and commitment to sound public finances.

The IMF has made available to countries a rapid financing line known as the Rapid Financial Instrument, to which Costa Rica will seek to have access, as is currently being processed by more than 85 countries.

A fundamental part of the mission consists precisely in evaluating the sustainability of Costa Rica’s public debt, something that would also enable access to resources from other international organizations.

“The Ministry of Finance is fully committed to financing state assistance to people who lose their income due to the crisis the country is facing, within the framework of the sustainability of public finances, which includes honoring the public debt accumulated by many years ”, commented the Minister of Finance, Rodrigo Chaves.

He specified that “the Ministry has a program of access to liquidity resources that contemplates the effects of the crisis, including the fall in fiscal spending, spending pressures to meet the basic needs of the population and the conditions of the financial markets.”

The plan includes maximizing financial resources under very favorable conditions that the country can obtain from the international organizations of which Costa Rica is a member, including the IMF, World Bank, Inter-American Development Bank and the Central American Bank for Economic Integration.

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