IMF approves new $88bn credit line for MexicoStaff Writer | December 1, 2017
The Executive Board of the International Monetary Fund (IMF) approved a successor two-year arrangement for Mexico under the Flexible Credit Line (FCL) in an amount equivalent to SDR 62.3889 billion ($88 billion) and canceled the previous arrangement in the same amount.
LatAm The FCL was established on March 24, 2009
The FCL was established on March 24, 2009 as part of a major reform of the Fund’s lending framework.
The FCL is designed for crisis prevention purposes as it provides the flexibility to draw on the credit line at any time. Disbursements are not phased nor conditioned on compliance with policy targets as in traditional IMF-supported programs.
This flexible access is justified by the very strong track records of countries that qualify for the FCL, which gives confidence that their economic policies will remain strong.