Saturday July 04, 2009
ISLAMABAD: 'Flexible Credit Line' is a new IMF instrument, created in April 2009, which seeks to provide large and upfront financing to members with very strong fundamentals and policies. According to IMF website, "access to FCL is restricted to those members that meet strict qualification criteria, drawings under it are not tied to policy goals agreed with the country".
Mexico received 47 billion dollars under FCL, to buttress strong economies against fallout from the global crisis. Mexico's major trading partner is the US and its exports have suffered due to the recession in US. This facility is for one year.
(BRecorder)
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