Chile is more ant than cicada. Sitting on a mattress of reserves and low in debt, the country has no problem of financing. The authorities however want to guard against future risks in the face of the Covid-19 shock. The government has just appealed to the IMF to benefit from a precautionary credit line of $ 23.8 billion over two years (the equivalent of 8% of GDP in 2019). This instrument is quite specific in the Fund's aid palette, very different from conventional assistance programs with conditionalities imposing adjustment plans.
"This line of credit makes it possible to protect countries against external shocks" , explains the IMF in a press release, specifying that this instrument is supplied to countries presenting "a very solid economic history to prevent and resolve crises" . It is very little used, only three states have requested it so far: Poland stopped it in November 2017, Mexico
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