WASHINGTON, June 9 (Xinhuanet) -- The International Monetary Fund (IMF) approved Wednesday a credit line of 422.8 million US dollars to Peru to support the country's economic reforms.

    The credit line allows Peru to draw 118 million dollars immediately and the rest over 26 months, the IMF said in a statement.

    "Peru's recent economic performance has been favorable, with solid growth and low inflation," IMF Managing Director Rodrigo Rato said in the statement.

    "Substantial buffers, including a high level of international reserves and a well-capitalized banking system, have been built upto further reduce vulnerabilities associated with high dollarization and public debt, and there has been progress with structural reforms," he said. Enditem