PANDEMIC. Relatives of COVID-19 patients queue to recharge oxygen tanks for their loved ones at the regional hospital in Iquitos, Peru, on May 14, 2020. Photo by Cesar VonBancels/AFP
WASHINGTON, USA – The International Monetary Fund approved a two-year $24-billion credit line for Chile on Friday, May 29, as the South American nation battles the growing impact of theThe announcement came a day after Peru secured a two-year, $11-billion credit line, and as Latin AmericaThe Flexible Credit Line is a renewable funding mechanism granted to countries with strong economic policy track records, and Chile is only the 5th country to receive one.
IMF Managing Director Kristalina Georgieva praised Chile for its"very strong fundamentals...and track record of implementing prudent macroeconomic policies" that have helped the country to weather the economic shocks so far. However,"Chile's open economy is exposed to substantial external risks as a result of the ongoing COVID-19 outbreak, including a significant deterioration in global demand for Chilean exports, a sharp decline or reversal of capital inflows toward emerging markets, and an abrupt tightening of global financial conditions," she said in a statement.
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