Costa Rican MPs approve $ 1.8 billion IMF loan

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SAN JOSE, July 1 (Reuters) – Costa Rican lawmakers on Thursday approved a nearly $ 1.8 billion loan agreed in January with the International Monetary Fund (IMF), a lifeline for the Central American economy.

Lawmakers are expected to approve the loan in a second vote on July 12.

“This is a solid and necessary step that allows us to move forward in the fiscal consolidation program that provides the necessary foundation for economic recovery,” said President Carlos Alvarado. The country on the isthmus ended last year with a budget deficit of 8.7% of GDP and an economic recession of 4.5% in the aftermath of the COVID-19 pandemic. (Reporting by lvaro Murillo in San Jose; script by Stephanie Eschenbacher; revised by Ana Nicholas da Costa)

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