IMF to remain “strong partner” of Mexico

21 Oct 2019

International Monetary Fund The International Monetary Fund will remain a “strong partner” of Mexico, said the organisation’s managing director Kristalina Georgieva on Sunday. 

The statement arrived following talks with the leaders of the Mexican Finance Ministry and central bank. 

“The Fund will continue to be a strong partner as Mexico seeks to deliver economic stability and prosperity for all Mexicans,” said Georgieva in a tweet.

Georgieva’s met with Mexican Finance Minister Arturo Herrera and Bank of Mexico Governor Alejandro Diaz de Leon. 
Herrera dubbed the meeting “very successful” and said discussions included renewing a flexible credit line with the IMF. 

During a press conference delivered in Washington on Sunday, Herrera said: “We don’t anticipate using the credit line, but it’s there for contingencies… we’re going to maintain the line because there is still an uncertain international context.”

In a previous statement, he had the flexible credit line will be briefly lowered. 

Earlier this month, the IMF recommended that Mexico re-examine its position of limiting private businesses’ cooperation with Pemex, a state-owned oil company whose debt level is heavily clouding the government’s finances.

While in Washington, Herrera also met up with three main credit rating organisations, said the Finance Ministry in a statement. 

The ministry said that during those meetings, Herrera discussed “the 2020 fiscal budget and measures to improve competitiveness and boost economic growth.”