Colombia's $6 Billion Credit Line With IMF Reaffirmed

The International Monetary Fund on Friday recertified Colombia's qualification for a $6 billion Flexible Credit Line approved a year ago.

"Colombia's continued resilience to global financial turbulence and its vigorous growth during the past year attest to its strong fundamentals and skillful policy management," the Washington-based IMF said in a statement.

When the credit line was approved in May 2.011, Jose Dario Uribe, president of Colombia's central bank, said the country doesn't have plans to use it, but added he considers it "very cheap insurance" that boosts confidence and serves as additional protection against external shocks.

Colombia has a healthy economy that is growing around 5% a year, thanks largely to a booming oil sector.