IMF Executive Board Receives Request for 2020 Flexible Credit Line Arrangement with Colombia
April 9, 2020
On April 9, the International Monetary Fund’s Executive Board met in an informal session [1] to discuss a request from the Colombian authorities to renew its Flexible Credit Line (FCL) with the IMF at the same level of access as in the 2018 FCL arrangement —SDR 7.85 billion, equal to about USD 10.8 billion, or 384 percent of quota. This renewable credit line helps safeguard against external shocks by providing countries who have very strong policy frameworks and track records of economic performance with large, upfront access to IMF resources with no ongoing conditions.
Given Colombia’s very strong policy frameworks and track record, IMF Managing Director Kristalina Georgieva intends to recommend approval of the 2020 FCL arrangement for Colombia when the IMF Executive Board meets again to take a decision in the following weeks. The IMF stands ready to support Colombia through our facilities, policy support, technical advice and by working together as an international community as we take on this global pandemic crisis.
[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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