Colombian Government Draws $5.4 Billion from Flexible Credit Line

The International Monetary Fund announced on Tuesday afternoon that the Colombian government has drawn $5.4 billion from its flexible credit line with the economic institution, which the country will use to help mitigate the impact of the COVID-19 pandemic in its economy.

The International Monetary Fund announced on Tuesday afternoon that the Colombian government has drawn $5.4 billion from its flexible credit line with the economic institution, which the country will use to help mitigate the impact of the COVID-19 pandemic in its economy.

“The authorities will use the drawing to help meet higher financing needs whilst maintaining strong external buffers in a context of heightened global uncertainty,” the International Monetary Fund said in a statement. Meanwhile, the Colombian central bank announced it would buy $1.5 billion from the government for its international reserves.

According to a Pulzo report, the leftist faction of the Colombian opposition strongly disagrees with the deal with the International Monetary Fund, claiming that this will hurt the Colombian economy in the near future.

On Twitter, political analyst Ariel Avila said “this situation shows how the government wants to solve a crisis temporarily, in the short-term, just to make everything worse in the future.”


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