LatinNews Daily - 30 August 2022

In brief: IMF approves credit line for Chile

* The International Monetary Fund (IMF) has approved a two-year Flexible Credit Line (FCL) arrangement with Chile, valued at US$18.5bn. IMF managing director, Kristalina Georgieva, stated that Chile was facing “a marked increase in global risks” following “an impressive recovery from the fallout of the [coronavirus] Covid-19 pandemic”. The FCL aims to protect Chile’s economy against various risks, such as commodity price drops and the ripple effects of the war in Ukraine. Georgieva stated that Chile qualifies for the FCL, which will be treated as a “precautionary” measure, because of its “sustained track record of implementing very strong policies”. She said that Chilean authorities intend to exit the arrangement “when external conditions allow”.

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