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Mexico requests extended credit line

12-15-2010 13:46 BJT

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Mexico has asked the International Monetary Found to extend a credit line to Latin America's No. 2 economy.

President Felipe Calderon says Mexico has asked the IMF to boost the country's credit line from 48 billion US dollars, to around 72 billion. The request is waiting for approval. Calderon says the proposed credit line extension is a precautionary measure aimed at protecting the economy from external shocks.

Mexico has yet to tap its credit line with the IMF, which first set up the facility in early 2009 when the global financial crisis knocked Mexico's peso currency to a record low.

Felipe Calderon, Mexican President said "I stress that this credit line is a precautionary measure that, like in the past, Mexico does not plan to use; it is financial insurance to protect the economy against any external turmoil. With this credit line, we would financially protect our country against any adverse scenario possible in the next two years."

Editor:Xiong Qu |Source: CNTV.CN

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