WASHINGTON (Sputnik) — The International Monetary Fund (IMF) board of directors has approved a two-year $11.5 billion arrangement for Colombia under the Flexible Credit Line program, IMF Deputy Managing Director Mitsuhiro Furusawa said in a statement on Monday.
"The new arrangement… will provide added buffers and continue to play a significant role in supporting the authorities’ policies in the presence of these increased downside risks," Furusawa stated.
The IMF noted that global financial risks have risen and have the potential to increase pressure on the Colombian economy.
Colombian authorities said, according to the release, that the new arrangement is a precautionary measure and they do not intend to draw on it.
