The IMF approved a $1.5-billion loan for Mexico.
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A spokesman for International Monetary Fund said the approval is “subject to commercial bank financing and participation of other sources to help finance the program.” The standby loan, based on an economic restructuring program that the IMF gave a preliminary approval to in July, could generate up to $6 billion in new money that Mexico may need this year to meet a revenue shortfall caused by the sharp drop in oil prices.
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