“Together for a response for Latin America and the Caribbean to COVID-19” initiative to improve credit conditions to countries.

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  • Virtual meeting – convened this Wednesday by the President of the Government of Spain, Pedro Sánchez – analyzed the impact of COVID-19, the joint response and the regional vision for ambitious and sustainable action.
  • Plan seeks to promote greater financial and technical support to countries to provide them with resources that allow them to successfully face the challenge of the pandemic.
  • President Alvarado called for greater flexibility of International Financial Institutions with measures such as granting long-term loans with exceptional rates to revive the economy and debt restructuring in order to allocate more funds to health infrastructure, social protection and employment.

The President of Costa Rica, Carlos Alvarado, participated this morning in the virtual meeting “Together for a response for Latin America and the Caribbean before COVID-19”, convened by Spain, and whose objective is to promote greater financial and technical support to the middle-income countries of Latin America and the Caribbean.

This proposal seeks to provide countries with the necessary resources to successfully face the challenge posed by the COVID-19 pandemic and its health, economic and financial consequences.

The event, led by the President of the Government of Spain, Pedro Sánchez, was divided into three blocks. The first addressed issues on the impact of COVID-19 from the vision of international institutions, in the second block an appeal was made by leaders for a joint response and finally, the third had a regional vision for ambitious and sustainable action.

In his speech, President Alvarado stated that “it is time for the International Financial Institutions (IFIs) to show audacity and flexibility to overcome the situation.” He specified that “this creativity should lead to an increase in the fiscal margin and the granting of long-term loans with exceptional rates to invest in reviving the economy, coupled with a debt restructuring that allows more funds to be dedicated to health infrastructure, the social and employment protection ”.

By means of a joint declaration, approved within the framework of this meeting, the International Financial Institutions were asked to articulate and expand support instruments, both financial and technical assistance, in two areas of action:

At the macroeconomic level, through tools that stabilize capital flows, guarantee liquidity and increase the fiscal margin.

At the sectoral level, through instruments that allow strengthening health and social protection systems, with special attention to employment.

The virtual meeting also included the President of the Spanish Government, Pedro Sánchez and President Carlos Alvarado, the rulers of Argentina, Alberto Fernández; the Prime Minister of Barbados and current President of CARICOM, Mia Mottley; from Colombia, Iván Duque; from Chile, Sebastián Piñera; from Ecuador, Lenín Moreno; from Paraguay, Mario Abdo Benítez, from Peru, Martín Vizcarra; from the Dominican Republic, Danilo Medina and from Uruguay, Luis Lacalle Pou.

Likewise, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva; the president of the Inter-American Development Bank (IDB) Luis Alberto Moreno; the Vice President of the World Bank for Latin America and the Caribbean, Carlos Felipe Jaramillo; the president of the Central American Bank for Economic Integration (CABEI), Dante Mossi; the executive president of the Development Bank of Latin America (CAF), Luis Carranza; the executive secretary of the Economic Commission for Latin America (ECLAC); Alicia Bárcena; the Iberoamerican general secretary (SEGIB), Rebeca Grynspan, among others.

The efforts emanating from this meeting are consistent with the proposal made by the President of the Republic to the UN, the World Bank, the International Monetary Fund, the IDB, CAF and CABEI, at the end of March, so that the financial organizations international organizations implement “exceptional and historic” measures that mitigate and protect the most vulnerable, in the face of the devastating damage to health and economies caused by Covid-19.

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