IMF approves two disbursements to Costa Rica for 476 million euros
Costa Rica will receive 476 million euros from the IMF in loans for reforms to address climate change
The International Monetary Fund (IMF) has given the green light to two disbursements of 275 million dollars (251 million euros) and 246 million dollars (224 million euros) for Costa Rica, which raises the figure to 521 million dollars (476 million euros).
These loans correspond to the Expanded Financing Facility (EFF) approved in 2021 and which has undergone a fourth review by the IMF and the Resilience and Sustainability Fund (RSF), which has been revised for the first time since its approval in 2022 and whose objective is to grant financing to carry out long-term reforms that allow to face the climate crisis.
As explained by the Fund, the Costa Rican authorities are making “important advances” in their economic reform agenda and the programs carried out remain “strong”, with “important improvements” in efficiency and orientation to reduce the high poverty rates and increase the formality of employment.
For its part, the fund to advance the climate agenda is also advancing successfully, and Costa Rica has already completed all the reforms committed to prior to this first review. Among others, measures have been taken to incorporate climate considerations in fiscal policy, in infrastructure investments, or in the financial sector.
Likewise, the Costa Rican authorities are also “intensifying” efforts to attract climate financing from both multilateral organizations and the public sector, as well as from the private sector.
Source: dpa
(Reference image source: Stock Birken, Unsplash)
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