Digital Treasury Reform and Fiscal Efficiency: Evaluating Costa Rica’s SUPRES Platform Adoption

IMF Working Papers, April 10, 2026

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Canonical URL: Digital Treasury Reform and Fiscal Efficiency: Evaluating Costa Rica’s SUPRES Platform Adoption

Authors: Maria Chiara Cavalleri, Ivania García-Cascante, Andualem Mengistu, Gerardo Uña, Mona Wang
Published: April 10, 2026
Series: IMF Working Papers
DOI: https://doi.org/10.5089/9798229043335.001

Evaluates the impact of Costa Rica’s adoption of SUPRES, a digital treasury platform that centralizes and automates cash transfer payments for social assistance programs.
Addresses a gap in GovTech literature by empirically assessing effects of digitalization on treasury operations, cash management, and opportunity costs of borrowing for the treasury.
Uses administrative data and survey evidence to measure changes in operational lead times, opportunity cost savings, and administrative perceptions after SUPRES adoption.

Average lead times for the analyzed social cash programs:
- Before SUPRES: 9–13 days
- After SUPRES: 2-3 days
Estimated opportunity cost savings for the Treasury: exceeding USD 4 million.
In 2020, the pre-SUPRES opportunity cost was about 1.1% of total domestic short-term interest payments.
Implementation characterized as relatively low cost with strong value-for-money given the savings and operational gains.
Savings are modest compared to GDP but significant for treasury operations, particularly during tight cash periods.

Cash management:
- Reduction in lead times materially improved liquidity management and reduced the opportunity cost of borrowing.
Treasury operations:
- Opportunity cost savings exceeded USD 4 million, improving fiscal efficiency.
- Pre-reform opportunity cost equivalence (about 1.1% of total domestic short-term interest payments in 2020) underscores the role of digital treasury reforms in managing liquidity.
Administrative outcomes (survey evidence):
- Enhanced operational efficiency
- Increased transparency
- Improved inter-institutional coordination

Strengthened targeting of social assistance programs.
Expanded financial inclusion through digital payment mechanisms.
Supported diversification and resilience of the social payments ecosystem by enabling a multi‑bank payment model.

Relatively low‑cost digital treasury reforms can deliver meaningful efficiency gains in cash management and generate wider operational and financial inclusion benefits.
Prioritize GovTech investments in treasury platforms to:
- Reduce lead times for payments and lower borrowing-related opportunity costs.
- Improve liquidity management, especially during tight cash periods.
- Enable multi‑bank payment models to foster resilience and financial inclusion.
Use administrative data and staff surveys to monitor and evaluate GovTech reforms’ impacts on both fiscal metrics and operational outcomes.

IMF Working Paper: "Digital Treasury Reform and Fiscal Efficiency: Evaluating Costa Rica’s SUPRES Platform Adoption" (Working Paper No. 2026/077).