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IMF renews $73bn credit line for Mexico

imf--WASHINGTON: The International Monetary Fund renewed a $73 billion standby credit line for Mexico on Friday, with the aim of giving the country a backstop amid global financial turbulence.

 

The new two-year "flexible credit line" is mainly precautionary, the IMF said as it renewed the facility for the third time since 2009.

 

"Since the global crisis, Mexico's economic growth has been resilient, supported by both external and domestic demand," said IMF deputy managing director David Lipton.

 

"However, important risks to the global economic outlook remain, particularly from still unsettled international financial markets."

 

"A successor FCL arrangement with the Fund, which the (Mexican) authorities again intend to treat as precautionary, will continue to support the authorities' overall macroeconomic strategy, providing insurance against tail risks and bolstering market confidence."

 

Copyright AFP (Agence France-Presse), 2012