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FLAR STRENGTHENS TO SUPPORT ITS MEMBER COUNTRIES IN THE COVID-19 CRISIS

The Board of Directors of the Latin American Reserve Fund (FLAR) in a meeting on May 25 approved a debt program to complement the resources of its capital and strengthen the Institution's credit capacity. With this program, FLAR can mobilize credit resources for its member countries for up to a total of USD 6,800 million, which represents a 60% increase in the Fund's financing possibilities before the decision.

Likewise, the Board of Directors approved the creation of an exceptional credit line, of a temporary nature, to help member countries face balance of payments problems arising from the crisis caused by COVID-19. This new line includes loans with terms of up to five years with a three-year grace period, and provides for agile and timely disbursements to effectively support the countries that access the loans.