Colombia will seek an emergency credit line of up to $1.5 billion from
commercial and multilateral lenders to be used in an extreme case of
financial need, the Finance Ministry said on Wednesday.
“It is important to have the instrument ready in order to be able to access it quickly,” Finance Minister Oscar Zuluaga told reporters. The credit line would only be used “in an extreme situation,” he said.
Emerging markets have been punished over the past month as investors, panicked by the global credit crunch, have fled risky assets for safe-haven, US dollar-denominated instruments. (Reuters)