Kristalina Georgieva Secures Second Term as IMF Chief
Bulgaria's Kristalina Georgieva has been appointed for a second term at the helm of the International Monetary Fund (IMF)
World | April 13, 2024, Saturday // 09:00
Mexico Gets USD 47 B IMF Loan
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The Managing Director of the International Monetary Fund, Dominique Strauss-Kahn. Several Eastern European countries are also seeking similar to Mexico's credit lines. Photo by BGNES
The International Monetary Fund has approved a USD 47 B line of credit for Mexico.
Mexico has said it does not intend to use the money, but applied for it as a precaution in the event of further deterioration in global markets, Darik Radio reported. It is the first country to get the credit under a new fast track scheme designed to help developing nations cope with the global economic crisis.
Mexico, which sells 80% of its exports to the United States, has been hit hard by the global recession. Industrial output last month fell by over 13%, the sharpest decline in 14 years, the BBC said.
Several Eastern European countries are also seeking similar credit lines.
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