News Flash - Costa Rica asking for another handout...(Bloomberg News)
Note: the USA largely funds the IMF...Costa Rica is asking for 750
million + 500 million directly from Congress.... that's over a BILLION
of mostly US tax money folks...(America pays and pays and pays...)
link to article - excerpts below:
http://www.bloomberg.com/apps/ news?pid= 20601086& sid=aAP3cZcIoNOc &refer=news
Feb. 26 (Bloomberg) -- Costa Rica is seeking a credit line of as much
as $750 million from the International Monetary Fund to shore up
confidence in the country's economy, Francisco de Paula Gutierrez,
president of the central bank, said. ...........
As part of a recovery plan announced last month, Costa Rica is moving
to borrow more from multilateral lenders such as the Inter-American
Development Bank,
while raising pensions 15 percent and building
schools and roads to create jobs. The government is negotiating with
the IMF for a stand-by credit of $500 million to $750 million, he
said. ............ .....
The country's international reserves stand at about $4 billion,
Gutierrez said. "We feel comfortable with this level, but we would
like to be prepared in case the economy turns more negative," he said.
The central bank's current forecast is for growth of 2.2 percent in
the $30 billion economy. Gutierrez said yesterday the bank will review
its projection because of deterioration in the global economy. He,
too, said growth may now be zero to 1 percent. ...........
Costa Rica's exports dropped 19 percent in January from the year-ago
month, according to the trade ministry. Exports to the U.S., Costa
Rica's largest trading partner, were down 17.6 percent during that
time, the ministry said.
Exports from Intel Corp.'s Costa Rican unit fell 32 percent to $485
million in the fourth quarter from a year earlier, company figures
show. Exports will likely drop through the first quarter of this year,
San Jose-based spokeswoman Karla Blanco said in a Feb. 23 interview.
The plant accounts for about a fifth of Costa Rica's exports.