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Economic alliance with the IMF.
The relationship between Costa Rica and the International Monetary Fund (IMF) is in optimal condition, so much so that the realization of a financial partnership for the time when the country might need it was reaffirmed yesterday.
The international agency did not announce any loan for Costa Rica, but it “is ready to provide assistance as necessary,” reported Dominique Strauss-Khan, managing director of the Fund.
“We want to be ready if Costa Rica needs financing as a preventive measure, because despite good policies, the crisis will be felt everywhere,” he said.
The IMF will try to help by offering a kind of insurance so that Costa Rica can cope with the situation, but it may not even be necessary, explained Strauss-Kahn, stating that it would be for a “sufficient” amount.
The official, of French origin, made an analogy between the country and a driver to point out that there are good and bad drivers and that “Costa Rica is among the good drivers.”
Costa Rica has a good fiscal situation, executes an appropriate exchange rate policy and has sufficient international monetary reserves.
The obligation of the IMF is to help good and bad drivers, but it is better to work with countries that have adopted good policies and have a healthy situation like Costa Rica, he argued.
This, coupled with a good economic performance by Costa Rica in recent years, will enable the country to better face the global economic crisis.
The officer, who arrived in Costa Rica yesterday after a tour that included Jamaica and the Dominican Republic, emphasized the national economic behavior, because in his view there are currently four pillars of the global economy which are: the United States, China, Europe and Costa Rica.
Our country was considered by Strauss-Khan as a “leader in the Central American region, which is the result of many years of good governance, thanks to that the country may better face the global economic crisis, he manifested.
2009 will not be better than 2008 and given the globalization this is everyone’s reality. However, he observed that he believed countries like Costa Rica may have a better reaction to the crisis, since good policies were implemented in the past and it has a healthy fiscal and a sound monetary policy situation.
He recalled that due to the crisis being globalized, there is no economy that can evade it or go through a different situation. “The crisis is equal and you can find the same situation elsewhere.”
Unlike in the past, support for the social sectors is the best that a country can do so that it feels the recession of the globalized policies to a lesser extent.” But I'm not here to see if what the Fund did in the past was good or bad or whether it is better now,” he explained.
He said he came to Costa Rica to recognize its good record and to reaffirm IMF support to enable the country to effectively manage the adverse situation.
But while he acknowledged the good fiscal and monetary policy implemented, Strauss-Khan said later that there might be pressure on the currency. “Costa Rica might have pressures and this visit is to generate confidence and build a plan of precautionary or preventive measures,” he argued.
But while some expected a concrete support agreement from the Fund, it was recalled that the resources of the organization such as contingency agreements are short-term and often costly.
“The important thing is to have several options, to shield the economy before an eventual worsening of the global economic downturn," said Guillermo Zuniga, finance minister.
This makes it quite clear that in this area, Costa Rica has worked well, but it must be followed by similar work in all sectors, so that we can be recognized not only in economic matters, but also in social, infrastructure, education, health and environmental investment, among others. Even though some have been a matter of pride in the past, in actuality, they have been deteriorating.
TicosLand.com expresses pride that Costa Rica has this description from the IMF, but it also makes it clear that more work is needed in all fields in order to continue growing.
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