November 30, 2012 / 7:11 PM / 5 years ago

IMF renews $73 bln credit line with Mexico for 2 years

MEXICO CITY, Nov 30 (Reuters) - The International Monetary Fund will extend Mexico’s $73 billion flexible credit line for another two years, the fund said on Friday.

“Important risks to the global economic outlook remain, particularly from still unsettled international financial markets. Against this background, access under the Fund’s Flexible Credit Line facility has helped maintain confidence,” first deputy managing director David Lipton said in a statement.

The credit line was due to expire at the start of 2013 and, although it has never been used, central bank governor Agustin Carstens had said the safety net was very likely to be renewed.

In the IMF’s annual health check of the economy, released earlier this week, it said the arrangement had provided significant insurance against global downside risks.

Mexico has had a flexible credit line with the IMF since 2009 and is one of only three countries to do so, alongside Poland and Colombia.

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