19 Apr 2009

IMF approves $US47 billion credit line for Mexico

5:49 am on 19 April 2009

The International Monetary Fund has approved a $US47 billion credit line for Mexico.

IMF officials describe it as the largest financial arrangement in its history.

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

Mexico has not had to tap the IMF for credit in a decade. The announcement was made on Friday.

The next potential recipient is Poland, which has requested a $US20 billion line of credit.

Other possible candidates could be: Brazil, Chile, Colombia, South Korea, the Czech Republic and Singapore.