Chile, Peru secure credit lines from IMF amid pandemicChile has had its highest single-day death toll from Covid-19, and the numbers are rising in Peru as well. WASHINGTON: The IMF approved a two-year $24 billion credit line for Chile on Friday as the South American nation battles the growing impact of the coronavirus pandemic. The announcement came a day after Peru secured a two-year, $11 billion credit line, and as Latin America becomes a growing hotspot for Covid-19. The Flexible Credit Line is a renewable funding mechanism granted to countries with strong economic policy track records, and Chile is only the fifth country to receive one. The backstop should help to boost market confidence and Santiago intends to treat the credit line as "precautionary and temporary," and exit the backstop after 24 months, Georgieva said.

Source: Bangkok Post May 29, 2020 22:41 UTC