How much emergency support did the IMF provide Costa Rica in April 2020?

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The IMF Provided US$522 Million in Emergency Support to Costa Rica in April 2020

The International Monetary Fund (IMF) approved emergency support amounting to US$522 million for Costa Rica in April 2020. This disbursement was in addition to a subsequent three-year loan package valued at US$1.8 billion, which was approved by the IMF board. The initial emergency funding was part of the global response to economic shocks exacerbated by the Covid-19 pandemic.
Initial Emergency Funding Details
The US$522 million provided in April 2020 was specifically designated as emergency support for Costa Rica. This financial assistance was crucial in helping the Central American nation navigate the immediate economic fallout from the global health crisis. The IMF highlighted that this was part of a broader effort to address the pandemic's impact on member economies.
Subsequent Loan Agreement
Following the emergency support, the IMF board sanctioned a larger loan facility for Costa Rica. This three-year agreement, totalling US$1.8 billion, allows for an immediate disbursement of US$296.5 million. The authorities' prompt response to the Covid-19 shock was acknowledged by the IMF, though concerns were raised about the protracted nature of the economic recovery.
Economic Context and Outlook
The pandemic significantly weakened Costa Rica's fiscal position, creating a substantial financing gap. The IMF estimated that the Costa Rican economy experienced a contraction of 4.5 per cent in the previous year, with the vital tourism sector alone facing a nearly 41 per cent decline. While a 2.6 per cent growth was projected for 2021, the IMF cautioned that risks to the economic outlook remained elevated due to ongoing pandemic uncertainties.

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How much emergency support did the IMF provide Costa Rica in April 2020?

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