Tuesday 3 October 2023

Government begins negotiations with the IMF this January 11

Negotiations will be held virtually and will involve economic authorities, legislators, academics and organizations from the private sector and civil society, announced the Treasury

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03 October 2023 - At The Banks - Source: BCCR

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QCOSTARICA – The Government of Carlos Alvarado announced that the negotiation of a fiscal adjustment and a credit of US$1.75 billion with the International Monetary Fund (IMF) will begin this Monday, January 11.

Costa Rican authorities and the IMF will agree on the measures that the country must comply with to access financing, in order to stabilize its public finances.

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“The IMF mission will be carried out virtually, and will be led by Manuela Goretti as head of mission. The IMF team will meet with (Costa Rica’s) economic authorities, legislators, organizations from the private sector and civil society, and with academics,” the Ministry of Finance and the Central Bank reported this Tuesday, in a statement.

At 3 pm Tuesday, the Presidency received the heads of the legislative fractions, to present to them the fiscal adjustment plan that their cabinet will propose to the IMF.

After 30 minutes of the agreed time, present at the meeting were Luis Fernando Chacón, head of the National Liberation Party (PLN) bench, and his fellow legislator Karine Niño; Enrique Sánchez, spokesman for the Citizen Action Party (PAC); Patricia Villegas, from the National Integration Party (PIN) and independent legislators Zoila Rosa Volio and Jonathan Prendas.

In a letter previously sent to legislators, Elian Villegas, Minister of Finance, announced that the fiscal adjustment plan will contain measures equivalent to 3% of gross domestic product (GDP), of which 1.5 percentage points would be from spending cuts.

The remaining 1.5% would be new income, through new taxes (0.8%), elimination of tax exemptions (0.5%) and contribution from state-owned companies (0.2%).

Before entering the meeting, Chacón spoke to the press outside the Presidential House.

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“The legislative fraction has been insistently asking the Government to define in a clear and transparent way, what will be the negotiating route with the IMF,” said Chacón.

The PLN legislator said his party wants details on the points to be negotiated, as well as the expected collection and the projected fiscal sustainability and economic reactivation figures.

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