In a letter dated Saturday to the International Monetary Fund, Costa Rica’s government formally requested financial assistance for roughly $1.75 billion to “support our ongoing efforts to respond to the Covid-19 pandemic.”

“We are writing to request, on behalf of the Republic of Costa Rica, follow-up financial assistance from the International Monetary Fund in the form of a three-year arrangement under the Extended Fund Facility, with access at 335 percent of quota (about USD 1.75 billion),” wrote Rodrigo Cubero, the president of the country’s central bank, and Elian Villegas, minister of finance.

The letter cites the “combined impact of the global shock and domestic containment measures” as factors in their decision to request the funding, and goes on to state that the country’s “Central Bank now projects GDP to decline by 5 percent this year.”

Source : CNN

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