IMF says set to back Chile's request for $23.8 bln flexible credit line

WASHINGTON, May 12 (Reuters) - The International Monetary Fund on Tuesday said its managing director would recommend approval of Chile's request for a two-year, $23.8 billion flexible credit line, given the Latin American country's "very strong fundamentals" and track record.

The IMF said its executive board discussed Chile's request during an informal session on Tuesday, and Managing Director Kristalina Georgieva would endorse the step when the board meets to take a formal decision in coming weeks.

Chilean authorities intend to treat the credit line as precautionary, the Fund said in a statement released late on Tuesday.

(Reporting by Andrea Shalal; Editing by Sandra Maler)