Costa Rica To Receive USD 500-million loan from CAF to Mitigate Pandemic and Promote Economic Recovery
Freely available and rapidly disbursed funds will be allotted to strengthen the public sector budget in an effort to meet the demand for priority funds to support the Costa Rican government’s strategy against COVID-19.
TheCAF—development bank of Latin America—board of directors has approved a USD 500million loan for Costa Rica’s Emergency Support Program in response to the COVID-19 pandemic, which will provide freely available and rapidly disbursable funds to strengthen the public sector’s budget to help meet the demand for priority funds to support the government’s strategy to mitigate the impact of the health crisis and promote economic revival.
“As an unconditional partner of our member countries, we support the government of Costa Rica’s fiscal management through a long-term loan that will promote the availability and timely implementation of public funds to address the economic and social impacts caused by the pandemic in the Central American nation, strengthening the countercyclical effect of fiscal policy through the temporary introduction of extraordinary measures to protect the income of vulnerable households and to increase corporate liquidity and job preservation,” CAF executive president Luis Carranza Ugarte said.
The health emergency facing Latin America and the Caribbean due to the COVID-19 pandemic calls for a comprehensive response to safeguard the health of the population, their well-being and social protection. In this regard, CAF is supporting the region in an agile and timely manner through a series of financial and technical instruments, and knowledge tools that complement the extraordinary measures that governments are implementing to mitigate the impact of the current crisis.
CAF—development bank of Latin America—is a world-renowned international financial institution recognized for its track record of impacting its member countries, working for sustainable development and a better quality of life for all Latin Americans for 50 years. CAF reiterates its commitment to Costa Rica’s sustainable development, making the institution’s experience available to help the country in strategic areas, such as Public-Private Partnerships, microfinance, financial inclusion, tax collection and territorial development, among others.
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