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IMF Comments On Conclusion Of Article IV Consultation With Costa Rica,
by Carla Johnson, Investors Offshore.com, London
Tuesday, December 18, 2007
An International Monetary Fund (IMF) staff mission led by Mr. Dominique Desruelle,
Chief of the Central America Division in the Western Hemisphere Department, issued
a statement late last week, reporting on the findings of its Article IV Consultation
with Costa Rica.
The statement announced that:
"An IMF mission visited San Jose during December 3-14 for the 2007 Article
IV discussions with Costa Rica to review economic developments and policy prospects.
The mission met with Minister of the Presidency Rodrigo Arias, Central Bank
Governor Francisco de Paula Gutiérrez, Finance Minister Guillermo Zúñiga,
Minister of Foreign Trade Marco Vinicio Ruiz, other senior government officials,
parliamentarians, representatives of the private sector, and think tanks.
"Benefiting from the authorities' sound economic policies, Costa Rica's
economy has continued to grow rapidly over the past 12 months but headline inflation
remains high, partly caused by high international oil and food prices,"
it continued, going on to add:
"The strong economic performance has been driven by both private consumption
and investment as well as external demand. Exports have increased substantially
despite some appreciation of the real exchange rate, indicating that the economy
remains competitive. However, there are signs that the economy may be overheating
such as labor market pressures, rapid growth of consumer goods imports, and
persistently high inflation of non-tradable goods."
"The near-term outlook is favorable, and has been strengthened by the
ratification of the Central America Free Trade Agreement with the United States
(CAFTA-DR). For 2008, economic growth is expected to revert to a rate of around
5 percent, in line with potential growth. This growth outlook is predicated
on a US slowdown and a moderate reduction in world growth. The authorities and
the mission concurred on the need to pay close attention to changes in the global
outlook, which has become subject to greater risks."
Touching on several other key issues - such as external trading and ways of
tackling inflation, the IMF statement concluded:
"The mission agreed with the authorities on the need for further financial
sector reform. It also shared the authorities' concern about rapid credit growth,
which will require continued close monitoring,."
"The IMF will maintain a close policy dialogue with the authorities as
they continue implementing their reform agenda. In the coming weeks, the mission
will prepare a report to the IMF's Executive Board, as a basis for a Board discussion
in early 2008."
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