On Thursday, te Legislature approved in the first reading a $350 million loan with the Inter-American Development Bank (IDB) to support the country’s fiscal sustainability.
The resources will be used to help Costa Rica in the implementation of fiscal reform programs, improve efficiency in public expenditure management, effectiveness of the macro-fiscal institutional framework and management of the tax system.
The loan has a repayment term of 20 years, a grace period of five and a half years, and a LIBOR-based rate.
The loan will receive its vote in the second reading next Tuesday.