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IMF approves $88 billion flexible line of credit to Mexico

May 27, 2016

WASHINGTON (AP) — The International Monetary Fund has approved a new, two-year $88 billion flexible line of credit to Mexico to bolster it against uncertainty in the global economy.

Mexico can draw on the line of credit at any time. Mexico has had such an arrangement at its disposal five other times since 2009.

IMF Executive Board Acting Chairman David Lipton said in a statement Friday that Mexico’s macroeconomic policies remain very strong and its economy has been resilient in the face of a global slowdown in recent years.

Mexican President Enrique Pena Nieto says the line of credit could be used to protect it from external financial volatility.

In April, the IMF forecast that Mexico’s economy would grow 2.4 percent this year and 2.6 percent in 2017.

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