IMF Executive Board Receives Request for Flexible Credit Line Arrangement with Peru
IMF News, May 8, 2020
Source details
- Canonical URL
- IMF Executive Board Receives Request for Flexible Credit Line Arrangement with Peru
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Bibliographic details
- Published: May 8, 2020
Request details
- The Peruvian authorities requested a two-year Flexible Credit Line (FCL) with the IMF in the amount of SDR 8.007 billion (about US$11 billion, equaling 600 percent of Peru’s quota).
- The authorities have indicated that they would treat the credit line as precautionary financing.
- The FCL offers large, upfront access to IMF resources with no ex post conditionality.
Rationale and status
- The FCL is available to countries with very strong policies and frameworks and can help safeguard economies against external shocks.
- In light of Peru’s very strong policy frameworks and track record, IMF Managing Director Kristalina Georgieva intends to recommend IMF Executive Board approval of the FCL arrangement request when the Board convenes in the coming weeks to formally consider the request.
- The IMF stands ready to continue to support Peru during these challenging times.
Key contacts and administrative details
- Press Release No. 20/214
- Date: May 8, 2020
- IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Maria Candia Romano
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- Twitter: @IMFSpokesperson
Additional note on process
- “[1] During an informal session, IMF staff engages with Executive Board Members to discuss country matters where no formal board decision is expected.”
Reference material cited in the release
- For more information on the IMF’s Flexible Credit Line: https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/20/40/Flexible-Credit-Line
Press Release No. 20/214 — IMF Executive Board Receives Request for Flexible Credit Line Arrangement with Peru (May 8, 2020).
