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Executive Branch Seeks 504 Million Credit to Serve Covid19 with the IMF

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The Executive presented this Wednesday to the Legislative Assembly the bill for the approval of the loan with the international monetary fund (IMF), for an amount close to USD 504 million to contribute, through budget support, to the attention of the emergency for COVID-19 and to medium and long-term fiscal sustainability.

This financing has an interest rate of 1.55% per year, 3.5% less than the weighted average cost for government debt denominated in dollars.

The term of the loan is five years, with quarterly payments from 3.25 years after disbursement, and once the bill is approved, the IMF would turn the resources into a single tract.

“This credit is important in the effort that the Government has followed to change expensive debt for cheaper debt, which helps throughout the fiscal consolidation process. In addition, it is a sign of the IMF’s confidence in the route taken by the Government, ”said Elian Villegas, Minister of Finance.

Before being sent to the Legislative Assembly, this loan was forwarded to the Ministry of Planning and the Central Bank of Costa Rica for its analysis and institutional criteria, after receiving approval in April from the Board of the International Monetary Fund under the Instrument Rapid Financing, which is available to member countries facing a balance of payments shock, as a result of the emergency by COVID-19.

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