(Reuters) -The International Monetary Fund on Friday said its executive board had approved a new two-year, $24 billion flexible credit line for Mexico to act as a buffer against external risks, noting the country has steadily reduced its reliance on the precautionary fund in recent years.

The Mexican authorities intend to treat the new arrangement as precautionary and canceled their previous line of about $35 billion, the IMF said in a statement.

This marks Mexico’s eleventh such arrangement since 2009, with the credit line’s size shrinking from a peak of around $88 billion in 2017.

The IMF said the lower amount “reflects the Mexican economy’s increased buffers and resilience.”

Mexican officials had requested a new credit line for another two years at a lower access level, citing the g

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