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Costa Rica cuts Culture funds while negotiating with the IMF | News

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The head of the caucus of the Broad Front (FA) of Costa Rica, Jonathan Acuña, expressed his party’s concern on Wednesday about the effects that the cut in the budget of the cultural sector can generate, just at the same time in which the Fund International Monetary Fund (IMF) and Costa Rica reached an agreement on a loan.

CMIO.org in sequence:

Costa Rica and the IMF negotiate a new financial agreement

Acuña announced that they will insist on the Treasury Affairs Committee of the Legislative Assembly in the search for a solution to be able to strengthen next year’s budget of the Ministry of Culture and in order to avoid affecting these important social investments.

However, the head of the IMF mission in the third review of Costa Rica’s compliance with the Extended Service Agreement (SAF), Manuela Goretti, stated that the international financial organization will analyze the request for the Trust Fund for Resilience and Sustainability for which 710 million dollars must be transferred to the Central American nation.

In this regard, he stated that “we reached an agreement at the technical level on the third review and on the request for access to financial resources from the Trust Fund for Resilience and Sustainability (SRS) for 710 million dollars.”

In turn, the official pointed out that this would be a fund at low rates, which has a 10-year grace period and a 20-year term in order to support “the transition to a zero-carbon economy.”

Based on this, the IMF congratulated the Costa Rican authorities “for being among the first countries to reach an agreement at the technical staff level on access to the Trust Fund for Resilience and Sustainability.”

Similarly, Goretti highlighted the positive performance of Costa Rica with respect to the Extended Service Agreement (SAF) signed last year, by which the Central American country was able to access 1,778 million dollars.

Accordingly, he pointed out that “we are reassured that despite the shocks, the authorities are taking important measures and that the fiscal goals were comfortably met and that the authorities are on track to exceed the primary balance target for 2022.”

Disclaimer: Via Telesur – Translated by RJ983

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