MEXICO / CREDIT LINE

The International Monetary Fund welcomed Mexico's request on Tuesday to expand its Flexible Credit Line from US $47 billion to US $73 billion. IMF

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:25
• Production Date: 15 December 2010
• Asset Language: Original
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMIC DEVELOPMENT; FINANCING; ECONOMIC CONDITIONS
• Geographic Subject: MEXICO
• MAMS Id: U101215f

Description

STORY: MEXICO / CREDIT LINE
TRT: 2:25
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 14 DECEMBER 2010, MEXICO CITY

Shotlist

1. Wide shot, IMF Managing Director Dominique Strauss-Kahn and Mexican president Felipe Calderon and other officials walking to press conference
2. Med shot, Strauss-Kahn and Mexican official walking
3. Med shot, Strauss-Kahn, Calderon and officials walking
4. Wide shot, group arriving at press conference
5. Med shot, Strauss-Kahn and Calderon
6. Cutaway, photographer
7. Wide shot, news conference
8. Med shot, Dominique Strauss-Kahn getting up and walking to podium
9. SOUNDBITE (English) Dominique Strauss-Kahn, Managing Director, International Monetary Fund (IMF):
"We in the IMF, with Mexico are in the process of renewing your flexible credit line, which may seem very technical to many but is in fact very important. What's the idea? The idea is that in the new world we are entering in, accumulation of international reserves may be a strategy for some, but some other countries may prefer to use this money for their own development.”
10. Cutaway, cameraman
11. SOUNDBITE (English) Dominique Strauss-Kahn, Managing Director, International Monetary Fund (IMF):
“But this fight is necessary for your countries and for the youth in these countries to create jobs for next year and the year after next year. You have to have more and more, a larger part of your economy going from informal to formal. You have to make it easier in different sectors- transport, telecommunications, energy, to have easier access, more competition."
12. Med shot, Strauss-Kahn returning to table, shaking hands with Calderon
13. Cutaway, press
14. Med shot, press conference
15. Wide shot, press conference

Storyline

The International Monetary Fund welcomed Mexico’s request on Tuesday (14 Dec) to expand its Flexible Credit Line from US $47 billion to US $73 billion. Mexico’s President Felipe Calderon and IMF Managing Director Dominique Strauss-Kahn announced the request in a joint press conference today in Mexico City.

"We in the IMF, with Mexico are in the process of renewing your Flexible Credit Line, which may seem very technical to many but is in fact very important. What's the idea? The idea is that in the new world we are entering in, accumulation of international reserves may be a strategy for some, but some other countries may prefer to use this money for their own development," Strauss-Kahn said.

The IMF introduced the Flexible Credit Line in 2009 for countries with a good track record of sound economic policies. Mexico was the first country to request the program in April, 2009. Colombia and Poland also have taken out Flexible Credit Lines with the IMF. None of the three have drawn on the FCL, but have instead used it as an insurance policy against future financial shocks.

Strauss-Kahn said that the global financial crisis will not be over until unemployment begins to dip. He said it’s important to lay a foundation for future growth despite political opposition to change.

“But this fight is necessary for your countries and for the youth in these countries to create jobs for next year and the year after next year. You have to have more and more, a larger part of your economy going from informal to formal. You have to make it easier in different sectors- transport, telecommunications, energy, to have easier access, more competition," Strauss-Kahn said.

Strauss-Kahn said the IMF Executive Board would soon take up Mexico’s request.