IMF renews $10.8 bn credit line for Colombia as recession looms
WASHINGTON, May 2 (NNN-AGENCIES) — The IMF renewed a nearly $11 billion credit line for Colombia as a backstop amid the growing economic impact of the coronavirus pandemic.
Colombia has had a Flexible Credit Line (FCL) since May 2009, and the IMF board has renewed it every two years, providing the country with money that could be deployed to head off a crisis.
But Bogota has never drawn on the funds, treating it as a precaution.