数字财政改革与财政效率：哥斯达黎加SUPRES平台采用情况评估（英）

Digital Treasury Reformand Fiscal Efficiency: EvaluatingCosta Rica’sSUPRES Platform Adoption Maria Chiara Cavalleri, Ivania García-Cascante, Andualem Mengistu,Gerardo Uña, and Mona Wang WP/26/77 IMF Working Papersdescribe research inprogress by the author(s) and are published toelicit comments and to encourage debate.The views expressed in IMF Working Papers arethose of the author(s) and do not necessarilyrepresent the views of the IMF, its Executive Board,or IMF management. 2026APR IMF Working Paper Fiscal Affairs Department and Western Hemisphere Department Digital Treasury Reform and Fiscal Efficiency: Evaluating Costa Rica’s SUPRES Platform AdoptionPrepared by:Maria Chiara Cavalleri, Ivania García-Cascante, Andualem Mengistu, Gerardo Uña, and Mona Wang Authorized for distribution by Mitali DasApril2026 IMF Working Papersdescribe research in progress by the author(s) and are published to elicitcomments and to encourage debate.The views expressed in IMF Working Papers are those of theauthor(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT:This paper evaluates the impact of Costa Rica’s adoption of SUPRES, a digital treasury platformthat centralizes and automates cash transfer payments for social assistance programs. While most GovTechliterature has focused on service delivery improvements, the effects of digitalization on treasury operationsremain largely unexplored. Addressing this gap, we provide an empirical assessment of how GovTech reformssupport treasury efficiency by improving cash management and reducing opportunity costs of borrowing fortreasury. Using administrative data and survey evidence, this analysis finds that average lead times for theanalyzed social cash programs fell with the adoption of SUPRES - from 9–13 days before the reform to 2-3days after-, generating estimated opportunity cost savings for the Treasury exceeding USD 4 million, at arelatively low implementation cost, highliting the strong value-for-money of this reform. In 2020, the pre-SUPRES opportunity cost was about 1.1% of total domestic short-term interest payments, underscoring theimportance of digital treasury reforms for managing liquidity. Although the savings are modest compared toGDP, they are significant for treasury operations, especially during tight cash periods. Survey responses fromadministrative staff indicate enhanced operational efficiency, transparency, and inter-institutional coordinationfollowing SUPRES adoption. Beyond treasury efficiency gains, the reform also strengthens targeting, expandsfinancial inclusion, and supports the diversification and resilience of the social payments ecosystem byenabling a multi‑bank payment model. Overall, the analysis shows how relatively low‑cost digital treasuryreforms can deliver meaningful efficiency gains in cash management while generating broader operational andfinancial inclusion benefits. Digital Treasury Reform and FiscalEfficiency: Evaluating Costa Rica’sSUPRES PlatformAdoption Prepared byMaria Chiara Cavalleri,Ivania García-Cascante,AndualemMengistu,Gerardo Uña,andMona Wang* Contents Acronyms......................................................................................................................................................6I.Introduction...........................................................................................................................................7II.Overview of Costa Rica’s Social Assistance System...........................................................................8III.SUPRES Reform Overview..................................................................................................................9A.Treasury management before supres..............................................................................................9Institutional Fragmentation in PFM practices and payment processesB.Treasury management after SUPRES adoption............................................................................11Prior Institutional anddigitalization efforts as key enablers...............................................................13C.IMF support for SUPRES design and implementation...................................................................14IV.Assessment of the SUPRES Reform.................................................................................................16A.Evaluation of Treasury’s Cash Management EfficiencyImprovements.........................................16Empirical Approach.............................................................................................................................16Methodology.......................................................................................................................................17MainResults.......................................................................................................................................18Fiscal Implicati