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Mexico will seek to extend flexible credit line with IMF

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Mexico will seek to extend flexible credit line with IMF

The Mexican government is interested in negotiating extended access to a flexible credit line with the International Monetary Fund, which is expiring in November, Reuters reported, citing an IMF spokesperson.

"The Mexican authorities have indeed expressed interest in a successor arrangement prior to the expiration of this [flexible credit line] at the end of November," IMF representative Gerry Rice said in a Sept. 26 news briefing, although he did not provide details on the expected terms of a new arrangement.

The IMF extended an $86 billion credit line to Mexico in 2017, although this was later reduced to $74 billion.

In July, the IMF lowered its 2019 GDP growth forecast for Latin America and the Caribbean to 0.6% from 1.4% previously, driven by downward revisions for Brazil and Mexico.

Economic growth in Mexico is expected to hit 0.9% this year, lower than the IMF's previous 1.6% forecast.