IMF approves $504 million loan for this country

The IMF board approved $504 million in emergency financing for Costa Rica to help the Central American nation deal with the economic damage inflicted by the coronavirus pandemic, SIA reports.

Like other countries, Costa Rica imposed nationwide closures to halt the spread of the virus, and those "necessary containment measures, coupled with the global economic downturn, are expected to take a major toll on the economy in the short term," the IMF said in a statement.

The funding will "support essential Covid-19-related health spending and relief measures targeted to the most affected sectors and vulnerable populations."

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