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Mexico seeks 24 bln dollars via IMF credit line

12-15-2010 14:43 BJT

MEXICO CITY, Dec. 14 (Xinhua) -- Mexico's government wants to raise its credit line with the International Monetary Fund (IMF) to 72 billion U.S. dollars, Finance Minister Ernesto Cordero said at a press conference Tuesday.

"The director general (of the IMF) is present because we are giving him an application to extend the flexible credit line from 48 billion dollars to 72 billion dollars," Cordero told media.

"It is important to note that the IMF flexible credit line is designed for nations that have an exceptional macroeconomic performance," he said.

Cordero described Mexico's economy as experiencing "very solid and convincing growth" and stated the ministry's estimate that the nation will end the year with close to 5 percent gross domestic product (GDP) growth.

Mexico has generated close to 960,000 new jobs, Cordero said. The figure is 160,000 more than the jobs lost during the 2009 economic recession, according to official data.

Mexico was one of the nations that suffered the most from the financial crisis last year because of its close relationship with its northern neighbor, the United States, the epicenter of the crisis.

During 2010 it enjoyed an export-led recovery. "Domestically, demand is showing very substantial growth," Cordero said. "Retail sales grew 9 percent in October, a very good figure."

Until the latter part of this year, Mexico's domestic economy had been significantly more sluggish than its exports.

Editor:Du Xiaodan |Source: Xinhua

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