The International Monetary Fund (IMF) has approved a two-year Flexible Credit Line (FCL) arrangement for Costa Rica, amounting to SDR 1.1082 billion, equivalent to approximately US$1.5 billion or 300 percent of the country's quota. This decision was announced by the IMF's Executive Board on June 2, 2025.
Costa Rica has maintained a strong relationship with the IMF through various financial support programs over recent years, including the Rapid Financing Instrument in April 2020 and an Extended Fund Facility (EFF) arrangement from March 2021 to June 2024. Additionally, a Resilience and Sustainability Facility (RSF) arrangement was completed between November 2022 and June 2024.
The FCL is specifically designed for countries that demonstrate robust policy frameworks and strong economic performance records. According to the IMF, Costa Rica's solid fundamentals and commitment to maintaining sound policies justify this transition to an FCL arrangement. Unlike other arrangements such as the EFF, the FCL does not require compliance with specific targets or reforms for disbursements.
The Costa Rican authorities intend to use this new credit line as a precautionary measure, providing immediate access to IMF resources if external shocks occur in the future.
Kenji Okamura, Deputy Managing Director and Acting Chair of the IMF Executive Board, stated: "Costa Rica has very strong economic fundamentals and institutional policy frameworks. An impressive reform track record has simultaneously spurred GDP growth, reduced public debt, and lowered poverty. The economic outlook remains favorable."
He added that while Costa Rica is committed to maintaining its policies and frameworks—prioritizing public debt reduction and strengthening financial supervision—the country remains vulnerable to external risks such as global uncertainty and fluctuating oil prices.
"The authorities intend to treat the FCL arrangement as precautionary and would consider requesting reduced access in the future if external risks were to decline," Okamura concluded.