Business News
Mexico gets IMF nod for 47-billion-dollar credit
Apr 1, 2009, 18:09 GMT
Washington - Mexico got encouragement Wednesday from the head of the International Monetary Fund (IMF) in its application for a 47-billion-dollar credit line to get through the world economic crisis.
In a statement from London, where he is attending the G20 world finance summit in London, IMF head Dominique Strauss-Kahn said he would back the application for approval from the IMF board.
The money would come from a newly-created lending instrument called the flexible credit line (FCL) opened to help only strong- performing countries to 'underscore international confidence' in the 'difficult global environment,' Strauss-Kahn said.
Mexican President Felipe Calderon, who is also attending the G20 summit, said Tuesday Mexico was applying for the money so it would have the financial backup in case it was necessary.
Strauss-Kahn said he was 'pleased' by Mexico's application, saying the country had shown strong performance for more than a decade with 'solid growth and low inflation; a steady strengthening of public and private sector balance sheets; and a strong and well capitalized banking system.'
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