IMF increases its Flexible Credit Line for Colombia to $17.2 bn

The Executive Board of the International Monetary Fund approved a request by the Colombian authorities to increase access under its current Flexible Credit Line (FCL) arrangement to 600% of Colombia’s quota, equivalent to $17.2 billion. The two-year arrangement remains in effect until April 30, 2022. The Colombian authorities intend to draw up to 187.5% of quota (about $5.3 billion) from the facility, as part of its financing plan for fiscal year 2020, in response to the COVID19 pandemic. Remaining FCL access will continue to be treated as precautionary.

Source: Banco de la República