IMF grants emergency loan for Costa Rica

  • The International Monetary Fund (IMF) has approved $508 million in emergency financing for Costa Rica to respond to the coronavirus pandemic, Costa Rica's central bank said on Wednesday.
  • The five-year loan, granted through the IMF's Rapid Financing Instrument (RFI), carries a spread of 150 basis points over the IMF's special drawing rights (SDRs), equal to an interest rate of 1.55% per year.
  • Costa Rica requested the loan when an IMF delegation visited the country on April 16-17.
  • The IMF also approved the disbursement of $65.6 million in emergency financing for Dominica, Grenada and Saint Lucia to help cover balance of payment needs during the coronavirus pandemic.

(Source: Latin Finance)