Costa Rica: 2021 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Costa Rica

March 1, 2021

Preview Citation

Format: Chicago

Costa Rica: 2021 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Costa Rica, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Summary

Costa Rica has been hit hard by the COVID-19 pandemic, notwithstanding the authorities’ proactive policy response and the country’s well-established universal healthcare system. The socio-economic impact has been significant, exacerbating an already fragile outlook and pre-existing imbalances, with a significant toll on economic activity and unemployment—especially among women and the young. The shock has further weakened the country’s fiscal position, undermining the expected yields from the ambitious fiscal reform launched in late 2018, and generated a large financing gap. Financial support through the Fund’s Rapid Financing Instrument (RFI) in 2020 provided temporary relief to respond to the pandemic, including by catalyzing financial assistance from other official partners, but financing needs remain sizable over the medium term.

Subject: COVID-19, Economic and financial statistics, External sector statistics, Fiscal policy, Government finance statistics, Health, Revenue administration

Keywords: BCCR Law, Central America, Costa Rican authorities, COVID-19, CR, EFF policy commitment, External sector statistics, Global, Government finance statistics, ISCR, Monetary policy stance, Reform agenda

Publication Details

Pages:

129
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/048
Stock No:

1CRIEA2021001
ISBN:

9781513570921
ISSN:

1934-7685

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