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IMF board approves $18.5 billion flexible credit line for Chile

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen in Washington

(Reuters) - The Executive Board of the International Monetary Fund (IMF)approved a flexible credit line of around $18.5 billion for Chile to "augment buffers and provide insurance against adverse scenarios," the IMF said on Monday.

Chilean authorities intend to treat the credit line as "precautionary" and plan to exit the arrangement when conditions allow, the IMF's Managing Director Kristalina Georgieva said in a statement.

(Reporting by Kylie Madry and Rodrigo Campos; Editing by Anthony Esposito)