The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This report reviews Costa Rica's performance under the Stand-By Arrangement. At the time of the global crisis, Costa Rica's macroeconomic policy framework was constraining policy options. The financial program's design was consistent with its policies and objectives. Structural reforms during the program period were slow, and fiscal risk increased. The program's design reflected the challenges and priorities that Costa Rica faced at that time, as well as policy constraints. Program conditionality focused on maintaining sufficient buffers in the form of foreign exchange reserves.