IMF Executive Board Receives Request For Flexible Credit Line Arrangement with Chile

May 12, 2020

Washington, DC – May 12, 2020 The International Monetary Fund (IMF) Executive Board met today in an informal session [1] to discuss a request from the Chilean authorities for a two-year arrangement under the Flexible Credit Line (FCL) with the IMF in an amount equivalent to SDR 17.443 billion (about US$23.8 billion or 1,000 percent of quota). The Chilean authorities intend to treat the credit line as precautionary. This credit line helps safeguard against external shocks by providing countries with very strong policy frameworks and track records of economic performance with large, upfront access to IMF resources with no ex-post conditionalities.

On the basis of Chile’s very strong economic fundamentals, institutional policy frameworks, and track record, IMF Managing Director Kristalina Georgieva intends to recommend approval of the FCL arrangement for Chile when the IMF Executive Board meets again to take a decision in the following weeks. The IMF stands ready to continue to support Chile during these challenging times.

[1] During an informal session, IMF staff engages with Executive Board Members to discuss country matters where no formal Board decision is expected.

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