Mexico Seeks New IMF Credit

Mexico wants to renew a USD48 billion credit line from the International Monetary Fund to boost its chances of recovering from what experts noted is the country’s deepest economic recession since the 1930s, Reuters reports. The agency adds that while Mexico’s financial markets have significantly stabilized since the start of the global economic slump in 2008, the country is still worried global financial turmoil may loom once the U.S. and other rich countries rein in spending and raise interest rates. Higher rates could attract investors away from emerging markets such as Mexico, Reuters notes.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.