## Costa Rica: Request for Purchase Under the Rapid Financing Instrument (RFI) — Press Release; Staff Report; and Statement by the Executive Director for Costa Rica

_IMF Staff Country Reports, May 1, 2020_

## Source details

**Canonical URL:** [Costa Rica: Request for Purchase Under the Rapid Financing Instrument (RFI) — Press Release; Staff Report; and Statement by the Executive Director for Costa Rica](https://www.imf.org/en/publications/cr/issues/2020/05/01/costa-rica-request-for-purchase-under-the-rapid-financing-investment-press-release-staff-49388)

## Other formats

- [Markdown version](/en/publications/cr/issues/2020/05/01/costa-rica-request-for-purchase-under-the-rapid-financing-investment-press-release-staff-49388/index.md)
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## Bibliographic details
- Published: May 1, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513542690.002

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### Impact of COVID-19 and Rationale for the Request
- The coronavirus disease 2019 pandemic has severely impacted Costa Rica due to its large exposure to trade, tourism, and foreign direct investment.
- The global economic slowdown and containment measures have:
  - impacted growth and fiscal accounts;
  - created an urgent balance of payments need.
- The IMF’s emergency financing under the RFI is expected to:
  - help support urgently needed public health and social spending measures;
  - address the balance of payments need;
  - catalyze support from other multilateral agencies to address remaining financing needs.

### Authorities’ Policy Response and Effects
- The authorities have taken timely, well-targeted measures to mitigate adverse effects of the pandemic.
- Health and containment:
  - Introduced extensive containment measures, which have helped flatten the infection curve.
- Economic and social mitigation measures adopted:
  - temporary moratorium on tax payments;
  - social transfers to protect the most vulnerable;
  - monetary and regulatory measures to ease credit and liquidity conditions.

### Expected Role of IMF Financing and Multilateral Coordination
- IMF emergency financing under the RFI is positioned to:
  - support public health and social spending priorities immediately;
  - address balance of payments pressures;
  - act as a catalyst for additional support from other multilateral agencies, which will be critical for remaining financing needs.

### Thematic Focus Areas (as stated)
- COVID-19
- Economic sectors
- Fiscal consolidation
- Fiscal policy
- Fiscal stance
- Health
- Public debt
- Public sector

### Keywords and Operational Terms (as stated)
- balance of payments gap
- Central America
- Costa Rica's request
- Costa Rican authorities
- COVID-19
- CR
- disbursement
- expenditure measure
- financing
- financing gap
- Fiscal consolidation
- Fiscal stance
- Global
- ISCR
- priority spending
- Public sector
- reprioritizing spending

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## Content in this bundle

- **1criea2020001**
  - [1criea2020001 (Markdown version)](/-/media/files/publications/cr/2020/english/1criea2020001.pdf.md){rel="alternate" type="text/markdown"}
  - [1criea2020001 (PDF)](/-/media/files/publications/cr/2020/english/1criea2020001.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2020/05/01/costa-rica-request-for-purchase-under-the-rapid-financing-investment-press-release-staff-49388_