By TCRN Staff

imfThe International Monetary Fund (IMF) reported on its website Wednesday that it will increase Costa Rica’s access to credit from $65 Million to $653 Million after the second economic review of a stand-by agreement which was finalized in April.

A stand-by agreement is a type of economic stabilization package offered by IMF member countries that commits the receiving country to meet certain requirements in order to use the funds, and is subject to quarterly reviews by the agency.

Central Bank President Francisco de Paula Gutierrez, explained that this is a precautionary arrangement, since the funds will be used only if needed.