Economy

Colombia has drawn $5.4 billion from flexible credit line, IMF says

Meanwhile, the country's central bank announced it would buy $1.5 billion from the government for its international reserves

Photo: REUTERS/Yuri Gripas
  • Colombia’s central bank announced it would buy $1.5 billion from the government for its international reserves;
  • Colombia will use the resource to help mitigate the COVID-19 impact.

Colombia has drawn $5.4 billion from its flexible credit line with the International Monetary Fund, the body said on Thursday, which the country will use to help mitigate the impact of the coronavirus pandemic.

READ ALSO: Warner Bros to stream next year’s movies while they are in theaters

“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 IMF said in a statement.

READ ALSO: Fueled by COVID-19’s forced digitization, Latin American chatbot startups Botmaker and Alana AI expand operations

Meanwhile, the country’s central bank announced it would buy $1.5 billion from the government for its international reserves.

Get the best insights about Latin America market in your inbox