IMF to recommend approval of $23.8b FCL for Chile

WASHINGTON - The International Monetary Fund (IMF) on Tuesday said its managing director plans to approve Chile's request for a $23.8 billion Flexible Credit Line (FCL).

"IMF Managing Director Kristalina Georgieva intends to recommend approval of the FCL arrangement for Chile when the IMF Executive Board meets again to take a decision in the following weeks," the IMF said in a press release.

The IMF executive board discussed Chile's request for "a two-year arrangement" under the FLC with the IMF during an informal session on Tuesday, the release said.

"The Chilean authorities intend to treat the credit line as precautionary," it added.