Colombia has become the third country to request a credit line from the International Monetary Fund (IMF) under the Flexible Credit Line (FCL) facility, asking for $10.4 billion (7.14 billion), according to the fund.
Mexico has received approval for a $47 billion credit line, while the IMF is considering an application from Poland for a $20.5 billion facility.
The FCL was introduced in March to help combat strains on national economies as a result of the economic crisis, and countries can draw on the credit at any time for a specified period after it is approved.
The Colombian authorities have responded appropriately to the global financial crisis, and have demonstrated a commitment to maintaining this solid record. I therefore intend to move ahead rapidly in seeking approval by the Fund’s Executive Board of Colombia’s request for an FCL arrangement, said Dominique Strauss-Kahn, the managing director of the IMF, in a statement.