Mexico: Arrangement Under the Flexible Credit Line and Cancellation of the Current Arrangement—Staff Report; Staff Supplement; and Press Release on the Executive Board Discussion
International Monetary Fund, Dec 7, 2012 - Business & Economics - 54 pages
The report discusses the important role of the Flexible Credit Line (FCL) in helping Mexico to survive in the fragile global economic environment. The FCL’s contribution in maintaining an orderly financial market in Mexico is noteworthy. IMF staff reaffirms their commitment toward Mexico in taking the necessary actions to manage unforeseen risks. According to the IMF staff report, Mexico meets the qualification criteria for access to FCL resources, and staff recommends approval of a fund of SDR 47.292 billion for a period of 24 months.
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adverse scenario approved arrangement as precautionary arrangement for Mexico assets Balance of Payments balance sheet balanced budget rule Banxico Baseline basis points billion bonds bouts of global buffers capital account capital inﬂows central bank committed to maintaining context continue crisis current account current arrangement current FCL debt service economic emerging market exchange rate external debt Figure fiscal policy ﬂexibility Flexible Credit Line foreign portfolio Fund credit Fund’s global financial global risk aversion global uncertainty Gross IMF staff estimates impact increase inﬂation expectations inﬂation targeting International Monetary Fund international reserves macroeconomic March 25 medium-term metrics Mexico’s external Mexico’s strong policy monetary policy PEMEX percent of GDP percent of quota portfolio investment portfolio liabilities potential proposed FCL arrangement public debt public sector real interest rate reserve coverage rollover rates Sources sovereign standard deviation shocks strong fundamentals strong policy frameworks supply shocks surge in global underpinned