Mexico renews agreement with the International Monetary Fund for a $240 billion flexible credit arrangement.

The Mexican government announced on Friday that it has renewed a two-year Flexible Credit Line arrangement with the International Monetary Fund, but with a reduced credit limit. The government plans to eventually phase out this credit mechanism. During the 2009 global financial crisis, Mexico signed this pre-approved credit line agreement for the first time and has maintained it as a precautionary measure ever since, without ever utilizing the credit limit. The renewed credit limit this time is $24 billion, reduced from the previous $35 billion.