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Stalled World Bank Credits Threaten Costa Rica's Restructuring Program

LADB Article ID: 56201
Category/Department: Costa Rica
Date: 1995-03-23
By: LADB Staff

On March 2, the World Bank rejected Costa Rican efforts to secure a US$100 million credit approved in 1993. The decision impairs efforts by President Jose Maria Figueres to tackle an economic crisis marked by a budget gap that has widened from 0.5% of GDP in 1993 to 8.2% in 1994. The funds were expected to help Costa Rica meet debt service of US$100 million on outstanding obligations to the Paris Club, and to ease the impact of an austere economic restructuring plan Figueres has been trying to get through the Legislative Assembly.

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