WASHINGTON (Pakistan Point News / Sputnik - 09th April, 2020) IMF Managing Director Kristalina Georgieva plans to recommend approval of a Flexible Credit Line (FCL) of nearly $11 billion for Colombia, the Fund announced in a statement on Thursday.
"Given Colombia's very strong policy frameworks and track record, IMF Managing Director Kristalina Georgieva intends to recommend approval of the 2020 FCL arrangement for Colombia when the IMF Executive board meets again to take a decision in the following weeks," the release said.
The IMF's Executive Board met earlier in an informal session to discuss Colombia's request to renew the FCL with the IMF at the same level of access as in the 2018 FCL arrangement which is about $10.8 billion, according to the statement.
The Fund also stressed in the release that it is ready to support Colombia amid the ongoing COVID-19 crisis.
