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Costa Rica asks IMF for $700 million from new sustainability trust

Economy Jun 25, 2022 12:30PM ET
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© Reuters. FILE PHOTO: The Central Bank of Costa Rica's headquarters are pictured in San Jose, Costa Rica February 12, 2020. REUTERS/Juan Carlos Ulate

By Alvaro Murillo

SAN JOSE (Reuters) - Costa Rica has told the International Monetary Fund (IMF) it is interested in obtaining a nearly $700 million loan to invest in infrastructure from a newly created fund, the Central Bank said.

Costa Rican authorities told the IMF that the country aims to be the first to secure financing from the IMF's Resilience and Sustainability Trust (RST), announced in April, the Central Bank told Reuters on Friday.

"The Government is evaluating the conditions and opportunities to have access to these resources for infrastructure works," the bank said.

The IMF launched the financing facility with the goal of helping low and middle-income countries tackle long-term challenges such as climate change and pandemics.

The IMF has said it plans to begin lending under the program by October.

Costa Rica reached a $1.78 billion agreement with the IMF in early 2021 to help the Central American country consolidate its finances after years of mounting debt. The IMF has so far disbursed nearly $570 million.

President Rodrigo Chaves, who took office in May just as Costa Rica's debt was equivalent to 66.5% of Gross Domestic Product (GDP), has said he plans to strengthen the IMF program, but has not provided details.

IMF staff met for the first time with Chaves this month, and warned of a likely slowdown in Costa Rica's economy this year amid external pressures including the ongoing pandemic and rising inflation.

Costa Rica asks IMF for $700 million from new sustainability trust
 

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Comments (3)
ZS Beck
ZS Beck Jun 25, 2022 3:39PM ET
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A good way to start to be dave to the banking system. Of course, most of the money will be lost in corruption.
ZS Beck
ZS Beck Jun 25, 2022 3:39PM ET
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I meant slave to the banking system
Todd Gray
Todd Gray Jun 25, 2022 12:58PM ET
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Sociologists write all these incentivized reward systems cripple, enable, and induce societies into overweening narcissism. Nice!
Todd Gray
Todd Gray Jun 25, 2022 12:54PM ET
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The vastly depleted western system is still handing out western cash like it's free candy if you jump through their hoops like little dogs at a doggie show, and accelerating inflation at all points on the globe.
 
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