Costa Rica is closer to obtaining a $350 million credit granted by the Inter-American Development Bank (IDB) to improve public finances. The entity confirmed to CRHoy.com that the request for financing from the national government is already being studied.
The IDB is preparing a $350 million fiscal sustainability support operation for Costa Rica that will be submitted to the Board of Executive Directors in July,”
said Fidel Jaramillo, IDB representative in the country.
If this loan is approved, it would be added to the $500 million approved by the Development Bank of Latin America for the same purpose and whose agreement will become official on May 24th. In other words, the country would have $850 million to improve its situation.
Financing with multilateral entities is a government alternative to the Eurobonds plan, which is stalling in the Legislative Assembly.
With these resources, the pressure on local market interest rates would be lowered.