LatinNews Daily - 02 May 2023

In brief: IMF and Costa Rica reach new staff-level agreement

* The Costa Rican authorities and International Monetary Fund (IMF) have reached a staff-level agreement on the completion of the fourth review of the authorities’ reform programme supported by the IMF’s Extended Fund Facility (EFF), and the first assessment of reform measures under the Resilience and Sustainability Facility (RSF) Arrangement. Subject to approval by the IMF executive board, the completion of the fourth review under the EFF will make available US$277.8m while the completion of programmed reform measures under the RSF will make available US$248.8m. The announcement follows meetings which took place between the IMF team and Costa Rican authorities from 17-28 April. In a statement released following the meetings, the IMF noted that “Costa Rica’s real GDP growth is expected to moderate to 3.0% this year. Headline inflation [which was running at 4.42% in March 2023 in year-on-year terms] has been on a steady downward path and is projected to be within the central bank (BCCR)’s tolerance range [of 3.0% +/- 1] around the target later this year”. It added that “core inflation is also declining but at a slower pace” and that the “year end-2022 fiscal targets under the programme were met with a comfortable margin and the authorities are on track to exceed their end-2023 target for the primary balance”.

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