"IMF Managing Director Kristalina Georgieva intends to recommend approval of the FCL arrangement for Chile when the IMF Executive Board meets again to take a decision in the following weeks", the release said on Tuesday.
Georgieva plans to recommend approval of the request to the IMF Executive Board on the basis of Chile’s very strong economic fundamentals, institutional policy frameworks, and track record, the release added.
"The IMF stands ready to continue to support Chile during these challenging times", the statement read. The IMF Executive Board discussed the request in an informal session on Tuesday, according to the release.
Earlier in the month, the International Monetary Fund approved a two-year $10.8 billion credit line for Colombia and a $643 million loan to Ecuador to combat the novel coronavirus outbreak.
Previously, the IMF said it was providing some $100 billion as a short-term liquidity line to more than 100 countries requiring emergency financing due to hardship caused by the COVID-19 pandemic.