LatinNews Daily - 28 March 2022

* The International Monetary Fund (IMF) has completed its first and second reviews under the Extended Fund Facility (EFF) for Costa Rica, allowing for an immediate disbursement equivalent to about US$284m. This brings total disbursements under the US$1.78bn arrangement, which was approved by Costa Rica’s congress last year, to about US$569m. An IMF press release notes that “the Costa Rican authorities have made important progress under their economic reform programme supported by the IMF over the last year”. It adds that the IMF’s executive board also approved an extension of the arrangement by five months, until 31 July 2024, and a rephasing of access. Following the executive board’s discussion on Costa Rica, IMF deputy managing director Kenji Okamura said that “while the proactive response to the [coronavirus] COVID-19 shock and sustained export performance have supported a robust recovery, the economic outlook remains subject to important global risks posed by the pandemic as well as higher commodity prices and tighter global financial conditions”. He adds that it is therefore “important to build on recent progress to ensure debt sustainability, maintain monetary and financial stability, and promote inclusive, green, and sustainable growth.”

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