IMF approves $47b credit line for Mexico

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WASHINGTON, Apr 18 (AFP): The International Monetary Fund approved a 47-billion-dollar credit line for Mexico yesterday under a new scheme designed to throw a cash lifeline to countries hit by the global economic crisis.
"The Mexican authorities have stated they intend to treat the arrangement as precautionary and do not intend to draw on the line," the IMF said.
It was the first line of credit approved under a new IMF program aimed at giving countries the flexibility to draw on credit at any time to prevent financial crisis.