Mexican credit approved

The International Monetary Fund has approved a $47bn (€36bn) flexible credit line for Mexico.

The one-year credit line is meant to back Mexican reserves and boost confidence in its slowing economy. An IMF statement praises Mexico’s economic fundamentals and recent policy decisions, but says the world economic crisis means even robust economies need help.

Mexican Central Bank president Guillermo Ortiz has said his country sought the credit line on April 1, but does not intend to tap it except in an emergency.

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