Tuesday 29 November 2022

IMF gives final approval for nearly $1 billion in financing to Costa Rica

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29 November 2022 - At The Banks - BCCR

Paying the bills


QCOSTARICA – The International Monetary Fund (IMF) gave final board approval to grant Costa Rica a us$725 million sustainability loan, the Fund said in a statement earlier this week, directed at the country’s climate agenda.

The IMF also said it completed its third review of Costa Rica’s Extended Fund Facility, unlocking another US$270 million in financing for “immediate disbursement.”

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Kenji Okamura, the IMF’s deputy managing director and acting chair of the board, said in a statement that the sustainability loan “will support Costa Rica’s ambitious agenda to build climate resilience and transition to a zero-carbon economy.”

Costa Rica, a pioneer in greening its economy,  is the first country to access the so-called Resilience and Sustainability Facility (RSF).

The RSF complements the existing IMF lending toolkit by helping low-income and vulnerable middle-income countries address longer-term challenges, including those related to climate change and pandemic preparedness.

According to the IMF website, low-income and vulnerable-middle income countries, including small states – about three quarters of the IMF’s membership – are eligible for RSF financing

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