IMF approves $47 billion in Mexico credit
April 18, 2009
Mexico, where industrial output has plunged, has been approved for a $47 billion line of credit, the International Monetary Fund says.
The IMF granted the credit line Friday as Mexico revealed that its industrial output fell by more than 13 percent last month, the sharpest decline in 14 years, the BBC said.
Mexico has been hit hard by the recession in the United States, where 80 percent Mexico’s exports are bound. Analysts told the BBC that the Mexican peso has also been on a downward trajectory, falling by 20 percent against the U.S. dollar in the last year.
The IMF, also known as the lender of last resort,
reportedly is also considering requests by several Eastern European countries for similar lines of credit.
Source: upi