Peru halves IMF credit line

Julio Velarde
Julio Velarde, president of the Central Reserve Bank of Peru
Ministerio de Defensa del Perú

Peru cut its flexible credit line from the International Monetary Fund by half as it renewed the facility for two more years on May 27.

Peru’s FCL is now worth four billion special drawing rights ($5.4 billion), down from SDR8 billion in the arrangement signed two years ago.

Only countries the IMF assesses as having stable economies and strong policy frameworks are granted access to the FCL. Funds are rarely drawn upon in practice, though Colombia did tap its line during the Covid-19 crisis.

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