Peru Gets $11 Billion IMF Flexible Credit Line for Pandemic
- Credit line is a precautionary defense against external shocks
- South American nation may face worst contraction since 1880s
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The International Monetary Fund approved an $11 billion credit line for Peru as the South American nation’s economy endures a slump that may be the deepest in more than a century.
The two-year flexible credit line is a precautionary measure that should boost market confidence and provide insurance against downside risks, the fund said in an emailed statement Thursday. Managing Director Kristalina Georgieva praised the nation’s response to the global pandemic.