What immediate funding did Costa Rica receive under the IMF deal?

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Costa Rica Received US$296.5 Million in Immediate Funding from IMF

Costa Rica has secured an immediate disbursement of US$296.5 million as part of a larger US$1.8 billion, three-year loan package approved by the International Monetary Fund (IMF) board. This initial funding is intended to help the nation's economy, which has been significantly impacted by the Covid-19 pandemic. The new loan facility is in addition to emergency support previously provided by the IMF.
Initial Disbursement Under New Loan Facility

The recently approved loan agreement between Costa Rica and the IMF includes a provision for an immediate disbursement of US$296.5 million. This amount represents the first tranche of the total US$1.8 billion package, which is structured over a three-year period. The IMF board's approval signifies a commitment to supporting Costa Rica's economic stabilisation efforts.
Context of Broader IMF Support

This US$1.8 billion loan is not the first financial assistance Costa Rica has received from the IMF. The country was previously provided with emergency support amounting to US$522 million in April 2020. The latest agreement builds upon this existing relationship, offering further financial resources to address the ongoing economic challenges.
Economic Impact and IMF Assessment

The IMF acknowledged that the Costa Rican authorities have taken prompt action to mitigate the effects of the Covid-19 shock, thereby preventing a more severe crisis. However, the pandemic's substantial socio-economic impact has weakened the nation's fiscal position and created a significant financing gap. Despite the new loan, the IMF cautioned that the economic recovery is expected to be protracted, with elevated risks remaining due to the pandemic's uncertainties. The IMF projects Costa Rica's economy to grow by 2.6 per cent in 2021, a rebound from a 4.5 per cent contraction in the previous year, which included a sharp decline in the tourism sector.

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What immediate funding did Costa Rica receive under the IMF deal?

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