The International Monetary Fund (IMF) approved on Monday two revisions of agreements with Costa Rica that allow the release of 521 million dollars, the financial institution reported in a statement.
The executive board of the fund “concluded today the fourth review within the framework of the Expanded Facility of the IMF (SAF) for Costa Rica, which makes possible a disbursement equivalent to approximately USD 275 million.” With them, the total number of transfers amounts to about 1,100 million.
The financial institution also approved the first review of the Sustainability and Resilience Service (SRS) measures, launched to support poor or vulnerable countries in the face of long-term hardships caused by global warming.
This “makes available USD 246 million to support Costa Rica’s ambitious climate change agenda,” he explains.
“The Costa Rican authorities are making important progress in their economic reform program,” said Kenji Okamura, deputy managing director of the IMF and interim chairman of the board, quoted in the statement.
According to the Fund, “the general orientation of economic policy must continue to be focused on achieving a lasting return of inflation to the level set as a target, and on keeping public debt on a firm downward path, while reforms are promoted to achieve growth green, dynamic and inclusive”.
Real GDP growth, forecast at 3% this year, “has been resilient despite adverse global factors and inflation is on a steady downward trend,” says Okamura.
It also mentions the Public Employment Framework Law, which regulates labor relations between the State and public officials.
“It’s taking longer than anticipated, but recent progress marks a crucial milestone towards full implementation of the law,” he says.
In his opinion, the government has also introduced “important improvements” to increase the effectiveness of social programs.