IMF approves $47 bn credit line for Mexico

The International Monetary Fund approved a 47 billion dollar line of credit for Mexico on Friday under a new scheme designed to provide a cash lifeline to countries hit by the global economic crisis.

The International Monetary Fund approved a 47 billion dollar line of credit for Mexico on Friday under a new scheme designed to provide a cash lifeline to countries hit by the global economic crisis.

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"The Mexican authorities have stated they intend to treat the arrangement as precautionary and do not intend to draw on the line," the IMF said in announcing the credit line.

It was the first line of credit approved under a new IMF program aimed at giving countries the flexibility to draw on credit at any time to prevent financial crisis.