|President Reports on Measure to Protect Mexican Economy|
Suzanne Stephens Waller - Presidencia de la República
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December 14, 2010
Mexico City - Earlier today, President Calderón issued a media statement reporting on his request to the International Monetary Fund to renew the Flexible Credit Line for a period of two years.
"Mexico was the first country to make use of this instrument in April 2009, which we then renewed in 2010. And it is precisely to take advantage of the changes to the Flexible Credit Line that Mexico is now asking the IMF for a renewal ahead of time for a larger sum and to be paid back over a longer period of time. This consists of renewing the credit line for a period of two years and increasing it from approximately $48 billion USD to $72 billion USD," he explained.
This measure will provide greater financial stability and help strengthen the economy. The President also said that this is a precautionary credit line which, as on previous occasions, Mexico does not plan to use, which will mean better conditions for promoting investment and job creation for the benefit of Mexican families.
During the press statement, the President was accompanied by Doctor Dominique Strauss-Kahn, Managing Director of the International Monetary Fund, Dr. Agustín Carstens Carstens, Governor of the Bank of Mexico, and Ernesto Cordero Arroyo, Secretary of Finance and Public Credit.