Costa Rica: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Costa Rica
International Monetary Fund, Mar 10, 2008 - Business & Economics - 46 pages
The Costa Rican economy has grown at rapid rates in the last three years, underpinned by a robust world expansion, sound economic policies, and strong business and consumer confidence. Economic policies have been well oriented. The fiscal position has substantially improved. The exchange rate level and policies are consistent with the maintenance of external stability. IMF staff supports the neutral policy stance envisaged in the 2008 central government budget and plans for a substantive tax reform. The authorities should push ahead with financial system reforms.
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IV STAFF APPRAISAL
IMF Executive Board Concludes 2007 Article IV Consultation with Costa Rica
Statement by José Rojas Executive Director for Costa Rica and Alvaro Umaña Senior Advisor to Executive Director February 15 2008
Article IV Consultation Bank of Costa bank’s CAFTA CAFTA-DR capital inflows Central America central bank conditional cash transfers consolidated supervision bill Consultation with Costa Core inflation Costa Rica Costa Rican economy crawling band current account deficit Debt Sustainability demand pressures Directors welcomed disinflation strategy effective exchange rate exchange rate band exchange rate flexibility exchange rate regime Executive Board exports external debt external stability FDI inflows financial sector financial system fiscal performance fiscal stance FSAP update Fund staff estimates GDP deflator global greater exchange rate growth rate headline inflation hedging instruments implementation income increase inflation targeting International Monetary Fund intervention medium-term budget framework mission monetary policy offshore banking outlook percent in 2007 percent of GDP Private sector credit real effective exchange real GDP growth real interest rate recapitalization resolution framework Rica’s September 2007 short-term slowdown Sources staff report Staff welcomes substantive tax reform tax revenue U.S. dollar