⁍ Costa Rica’s government said on Saturday it has requested $1.75 billion in financial assistance over three years from the International Monetary Fund.

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⁍ The aid aims to offset diminishing government revenue as the 2020 fiscal deficit looks set to exceed 9.0% of the gross domestic product.

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⁍ The central bank forecasts Costa Rica’s economy to contract by 5% in 2020, with only a gradual recovery over the medium term.

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– Costa Rica is seeking $1.75 billion in financial assistance from the International Monetary Fund in the wake of the country’s worst economic crisis in decades, Reuters reports. According to the country’s finance minister and central bank president, the financial assistance is needed “in the form of a three-year arrangement under the Extended Fund Facility.” The request was made in an Aug. 29 letter to IMF managing director Kristalina Georgieva. The letter states that “despite our proactive policy efforts, the combined impact of the global shock and domestic containment measures on our country’s balance of payments and fiscal account is proving much sharper and protracted than expected, amid a resurgence in COVID-19 cases and a deeper contraction than initially envisaged.” Costa Rica’s economy is expected to contract by 5% in 2020.