Costa Rica unlocks $519 mln from IMF for economic reform, climate ... - Reuters Canada
Costa Rica unlocks $519 mln from IMF for economic reform, climate programs | Reuters
Costa Rica unlocks $519 mln from IMF for economic reform, climate programs
June 26 (Reuters) - Costa Rica has unlocked a total of around $519 million for its economic reform program and a climate and sustainability program, the International Monetary Fund (IMF) said on Monday.
Around $274 million went to the economic reform program, which is one installment in the more than $1 billion Costa Rica has received from the IMF under the arrangement, the fund said.
Another $245 million goes to the resilience and sustainability arrangement.
The Central American country met its fiscal targets by large margins, Kenji Okamura, acting chair of the IMF board, said in a statement.
"While there is scope for further monetary easing in 2023, policies should remain attentive to risks to the inflation outlook," he added.
The IMF pegged Costa Rica's real gross domestic product (GDP) growth for this year at 3.0% and at 3.2% in 2024.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”