Deputies approve credit with the IMF

San José, Jul 19 ( – The deputies approved in a second debate this Monday the loan with the International Monetary Fund for 1778 million dollars.

This is File 22.433, Approval of financing with the IMF through the Expanded Service Facility of the Fund (SAF) for the support program for post-pandemic recovery and fiscal consolidation.

The loan with the IMF was approved with 44 votes in favor and 7 votes against.

The loan is for a term of 10 years and with a grace period of four years, the disbursements will be approximately 290 million dollars and each one will be made every six months for a period of three years. With these resources, it is expected to boost the country’s economy in addition to maintaining monetary and financial stability and exchanging expensive debt for cheap debt.

The loan with this international organization is expected to generate financing resources for the next three years, for approximately 580 million dollars per year.

In their appearance before the Commission, both Elian Villegas, Minister of Finance, and Rodrigo Cubero, President of the Central Bank, highlighted the favorable credit conditions, as they assured that they are impossible to find in the domestic market.

Disbursements, which according to the loan will be made every six months, will depend on an evaluation that the IMF will carry out in those same periods to determine whether the country is meeting its commitments.

The first disbursement will be made once the bill has been approved by the Legislative Assembly and six months later an evaluation will be made to determine the progress of the fulfillment of goals, such as the approval of the public employment project.

In the following evaluations, the Monetary Fund will assess the progress in the processing of projects such as dual global income, a tax on luxury homes as well as the lottery, among others.



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