21 Apr 2009

Help sought from IMF by Columbia

12:02 pm on 21 April 2009

Colombia has requested financial help from the International Monetary Fund.

It has asked for a $US10.4 billion credit line after industrial production fell 13% in February.

The economy contracted in the December quarter and economists say Colombia is probably in recession as investment stagnates, unemployment rises and commodity export revenues dry up.

Colombia is the third emerging market economy to request an IMF credit line, after Mexico and Poland.